Smithfield Foods says will close its Charlotte, North Carolina, pork-processing plant and transfer production to its Tar Heel, North Carolina, facility by the end of 2023.

The company says the move is to increase efficiency and better utilize existing capacity, and comes as the company faces “abundant supplies and soft demand” weighing on pork prices.

The company will provide financial and other transition assistance to the 107 employees affected by this closure and will meet with employees to discuss options, including transfer to other Smithfield locations. Smithfield will also provide a financial incentive package for hourly employees to remain at Charlotte until the final day of production in December.

Smithfield employs nearly 40,000 people in the U.S. and more than 10,000 in North Carolina. The company is not alone, as Tyson Foods announced the shutdown of six chicken processing facilities this year and cut jobs at others in North Carolina.