Danish Crown will close one of its major slaughterhouses in Denmark and will lay off about 800 employees as part of a restructuring process, the meat producer and exporter said on Thursday.

The company said it expects to hire up to 450 new employees for three other slaughterhouses within the next six months, as production is moved, according to Reuters. 

The weekly number of pigs for slaughter in Denmark has fallen by more than 10% over the past year, and the current overcapacity is costing the company some 300 million Danish crowns ($44.12 million) annually, it said.

($1 = 6.8002 Danish crowns)