Cagle's Inc. Reduces Production
10 Aprile 2008 - 10:31PM
PR Newswire (US)
ATLANTA, April 10 /PRNewswire/ -- In response to continued
increases in feed ingredient cost, effective immediately Cagle's
Inc. (AMEX:CGL.A) is reducing its chicken production by 4%. The
reduction will affect the number of birds processed at the
company's location in Pine Mountain Valley, Georgia (one of two
slaughter plants Cagle's operates in the southeast supplying
product throughout the United States and internationally). No
layoffs are planned as a result of the decrease in production.
According to Doug Cagle, President and CEO, "Current chicken prices
have failed to reflect the tremendous increase in the cost of feed.
Ingredient prices, mostly corn and soybean meal, have increased
over 80 percent in the last two years raising the cost to produce
chicken by more than $.17 a pound. These are unprecedented times
and given current USDA forecasts it appears that high feed costs
are here for the foreseeable future. The cutback in production will
not affect our customers with existing commitments but will reduce
product being sold through less profitable commodity outlets."
DATASOURCE: Cagle's Inc. CONTACT: George Pitts of Cagle's Inc.,
+1-404-355-2820, Web site: http://www.cagles.net/
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