Briggs & Co., a 90-year-old meat-processing firm located in Landover, Md., will shut down its operations in October, it was announced late Wednesday.
Briggs apparently is a victim of a corporate shake-up at its parent company, LTV Corp. of Dallas.
On Wednesday, LTV announced that it was spinning off its food-processing subsidiary, Wilson Food Corp. in Oklahoma City, which would become an independent company.
Wilson, in turn, announced it was closing down Briggs, along with two animal-slaughtering operations in Des Moines and Denver.
When Briggs closes its doors, 116 hourly and 45 salaried employes will lose their jobs.
A Wilson spokesperson in Oklahoma City said the Briggs plant "was highly unprofitable. We've tried many things with it, but we couldn't make money."
Once located in downtown Washington, the Briggs company thrived under Raymond C. Briggs and his two brothers. Briggs hot dogs, bacon, cold cuts and hams are sold in the major supermarkets, and Wilson said it will continue to market products under the Briggs label.
Wilson acquired Briggs in 1964. Not long after, Wilson itself was acquired by LTV, then under the direction of the famous conglomerate-maker Jimmy Ling.
Ling has long since departed LTV and in recent years the Wilson subsidiary has been eclipsed by another acquisition.
In 1978, Wilson accounted for 40 percent of LTV's revenues. That year, however, LTV acquired Lykes Corp. which owned Youngstown Sheet & Tube, among other things.
As a result, LTV became the third-largest steel manufacturing company, as well as a major factor in aerospace and ocean shipping.
Last year, LTV had sales of $8 billion and Wilson accounted for about $2.3 billion of it.
Wilson's earning's have slipped recently, which probably contributed to LTV's decision to spin off that subsidiary. This also apparently led Wilson to decide to close the allegedly unprofitable Briggs plant in Landover.