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Reuters writes that poultry producer Astral has to cut jobs, it said on Wednesday, under pressure from high feed prices due to drought and from an oversupplied domestic market.
Maize prices in SA have hit record highs, while cheap chicken imports flood in with the ending of punitive duties on US chicken imports. Analysts said production cuts were likely to be accompanied by mergers and acquisitions as companies across the food sector scramble to offset falling revenues. Astral employs about 13,000 people across operations in SA, Zambia, Mozambique and Swaziland. The company indicated it had implemented an import strategy to hedge against maize shortages and high prices, but if conditions did not improve it would have to consider further cuts to production and jobs. Astral's fellow poultry producers, RCL Foods and Quantum Foods, have also struggled in 2016.
- Read this report by Mfuneko Toyana in full at Business Report
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