Brazil-Poultry processor problems.

BRAZIL.

MORE TROUBLE AT SADIA.

Brazil-based meatpacker Sadia S.A. will cut 350 administrative jobs, company Chairman Luiz Furlan told local financial newspaper Valor Economico in an interview. The cuts will save about US$18 million a year.

Sadia, one of Brazil’s largest meat processors and an international player in beef, pork, chicken and turkey, suffered large losses on foreign exchange futures positions last year when the U.S. dollar appreciated against the real.

The CEO resigned and rhe company accountantant was fired after the scandal emerged costing them US$430 million.

There are now dozens of class actions in US courts from private investors in relation to moneys lost that they claim was through ngligence and disshonesty.

Sadia are a powerful force in the poultry market of the Middle East and North Africa, where they are market laders for Brazilan chicken.