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Article: Top processors face obstacles in 2006.
- Article from:
- The Food Institute Report
- Article date:
- September 11, 2006
CopyrightCOPYRIGHT 2006 The Food Institute. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Rising costs for energy, raw materials and employee benefits were some of the biggest hurdles for food processors in 2005. Against this challenging backdrop, it was difficult for food companies to turn in stellar financial performances in 2005, according to Food Processing Magazine's Top 100 2006 Report.
Indicative of the increasingly competitive meat processing industry, TYSON FOODS, INC. announced this year it would implement approximately $200 million in cost reductions. Cuts came after the company reported a wider-than-expected loss in the third quarter of 2006, weighed by one-time charges and losses in the chicken and beef sectors. Oversupply of chicken and ...