Brazil-Massive losses in beef industry.

BRAZIL-MASSIVE JOB LOSSES IN BEEF INDUSTRY.

Brazilian beef company Independencia S.A. is cutting

1,400 more jobs as part of its restructuring process, the company said in a

press release on Wednesday.

Independencia is closing its slaughter and deboning unit of Nova Xavantina in

Mato Grosso state, the Presidente Venceslau deboning unit and Itupeva

distribution center in Sao Paulo state, the release said.

The reductions are part of a program to adjust Independencia’s operations to

the current market reality.

Independencia has been closing or suspending plant operations and shedding

thousands of jobs since filing for protection from creditors under the local

equivalent of the U.S. Chapter 11 bankruptcy law last month.

The company has been severely impacted by diminished overseas demand, beef

oversupply and falling beef prices, the company said.

Brazil is the world’s top beef exporter.