GREELEY, Colo. -- Swift & Company, the third-largest processor of fresh beef products in the U.S., plans to continue to limit production at three of four domestic beef processing facilities to 32 to 37 hours per week.

Swift cited unsustainable gross margins due to high cattle prices, seasonally weak domestic boxed beef demand and limited access to key international export markets as the key reason for the production cutback.

Swift intends to limit production at these three facilities to 32 to 37 hours per week until beef processing gross margins materially improve. The company has been operating at this level for the past several weeks.

Production cutbacks are planned for the following Swift & Company beef facilities: Cactus, Texas; Grand Island, Neb.; and Greeley, Colo.

With more than $9 billion in annual sales, Swift & Company is the world's second-largest processor of fresh beef and pork. Founded in 1855 and headquartered in Greeley, Colo., Swift processes, prepares, packages, markets and delivers fresh, further-processed and value-added beef and pork products to customers in the United States and international markets.

SOURCE: Swift & Company via Market Wire.