Patrick Cudahy’s parent company has reached a $208 million settlement with its insurance carriers over a fire that destroyed part of its meatpacking plant in a Milwaukee, Wis., suburb.
An earnings report filed by Smithfield Foods Inc., says the settlement far exceeds the estimated $50 million damage to the plant as a result of the July 2009 fire.
It took days for area fire departments to put out the blaze, which started when a neighbor launched a to celebrate the Fourth of July. The flare landed on the roof of the plant. No one was hurt in the fire.
The Journal Sentinel says insurance money was used to recover the value of the property and also the cost of production interruptions. About 1,400 workers were displaced by the fire, but nearly all returned to work within three months.
Information from: Milwaukee Journal Sentinel
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