http://desmoinesregister.com/apps/pbcs.dll/article?AID=/20070511/BUSINESS01/70511017/1001 Raids cost Swift $45-$50 million By JERRY PERKINS<[EMAIL PROTECTED]> REGISTER FARM EDITOR
May 11, 2007 <http://forums.dmregister.com/check_comment.php?articleId=70511017§ion=Business&title=Raids+cost+Swift+%2445-%2450+million%0D&categoryId=BUSINESS01&pubDate=20070511&relationValue=BBvalue1%3DBUSINESS01&cacheTime=5&display=1> *9 Comments*<http://forums.dmregister.com/check_comment.php?articleId=70511017§ion=Business&title=Raids+cost+Swift+%2445-%2450+million%0D&categoryId=BUSINESS01&pubDate=20070511&relationValue=BBvalue1%3DBUSINESS01&cacheTime=5&display=1> Swift & Co. raised Friday its estimate of the losses it suffered because of an immigration raid in Marshalltown and five other plants in December. Losses totaled $45 million to $50 million for the fiscal year ending May 27, the company said. The company originally estimated the cost of the raid and its aftermath at $30 million. Ray Silcock, Swift's executive vice president and chief financial officer, said the new estimate included $20 million in lost earnings and $10 million in increased recruiting and training costs. Swift also said Friday that it has returned to "standard staffing levels" at all four of its U.S. beef processing plants after federal agents removed about 950 employees on Dec. 12, 2006. The December raid also involved two Swift pork processing facilities, in Marshalltown and Worthington, Minn. The pork operations returned to normal employment levels in March 2007, the company had announced. Swift, based in Greeley, Colo., has beef plants in Greeley; Grand Island, Neb.; Cactus, Tex.; and Hyrum, Utah. Swift & Co. has almost $10 billion in annual sales and is the third-largest processor of fresh beef and pork in the United States and the largest beef processor in Australia. Register Farm Editor Jerry Perkins can be reached at (515) 284-8456 or [EMAIL PROTECTED] -- [Non-text portions of this message have been removed]
