Sanderson Farms CEO Joe Sanderson discussed delaying construction of a new processing plant despite the company’s dire need for a new plant. The comments came at the Goldman Sachs Global Staples Forum and were reported on by Fox Business.
"Another thing I think we’re going to look very hard at is the cost of building a plant right now, with concrete and steel prices where they are, and with lumber prices, where they are right now," Sanderson said. "My opinion is -- and we’ll get some data on this -- but right now just, it’s not a good time to build a plant. Everybody in the world is building right now."
The CEO also stated the company’s need for a new plant, citing the fact that Sanderson Farms has been unable to take on new customers and orders because it is selling out of its existing supply.
While we need a plant right now -- we need it, I need a plant to open up next week -- But it is not a good time to be building a processing plant," Sanderson said.
Source: Fox Business