Big job loss in El Dorado
Pilgrim's Pride is closing three plants in three states, a move that will put 3,000 out of work. They include the remaining 600 workers at the chicken processing facility in El Dorado, my local tipster says.
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806 plant employees on top of the 600 previously laid off seven months ago. All salaried workers will receive severance, but the majority of the workers are paid on an hourly rate and will receive no severance, just an admonition not to let the doorknob hit them on their way out.
Plus 163 contract growers, scores of whom have outstanding bank loans to expand to meet the requests of Pilgrims Pride for expansion.
". . . Steve Cameron, the chief executive officer of First Financial Bank, acknowledged the rough predicament for the employees and growers - particularly in light of the loans growers have taken out on their farms. 'Ultimately if they just can not pay it, it will be foreclosed upon just as any other loan will," said Cameron. '. . . It's just a bad situation.'
Cameron said the overall impact on the bank would be fairly small but noted a "devastating" situation for employees and growers. . . ." not to mention El Dorado and Union County.
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February 28, 2009 05:51 PM