Poor third quarter earnings announced by Smithfield Foods

Smithfield Foods, the leading pork processing plant in the country, just released their third quarter earnings. It looks like the economy is hitting them hard.

In the third quarter, Smithfield netted a loss of more than $100 million. Last month, the company announced it would close six plants across the country, including the Elon plant. This means around 160 employees will lose their jobs by the end of the year.

Many other employees will be offered transfers to other plants, which means the Tar Heel plant in Bladen County might see some growth down the line.