RALEIGH, N.C. (AP) - All North Carolina operations of a chicken processor bought out of bankruptcy earlier this yearly are closing, leaving more than 1,000 people jobless.
The News & Observer of Raleigh reports the closure of the Townsend plants in Siler City and Mocksville also ends contracts with about 200 chicken farmers in four counties. The plants will close by early October.
Ukrainian billionaire Oleg Bakhmatyuk bought Townsend's North Carolina assets out of bankruptcy in February for $25 million. Officials for the U.S. shell corporation he created hoped to turn a profit through cost-cutting and exporting dark meat. Omtron spent millions upgrading the plants.
But the 36-year-old billionaire decided this week to take his losses.
The company employs about 550 people at its Siler City operations, and 476 people in Mocksville.
(Copyright 2011 by The Associated Press. All Rights Reserved.)
