04:48 PM EDT, 10/07/2024 (MT Newswires) -- Cal-Maine Foods ( CALM ) said Monday its board approved $40 million in new projects to expand its cage-free production facilities, including the addition of five new cage-free layer houses in Florida, Georgia, Utah and Texas.

The company said it will fund the projects with cash on hand, sales of investment securities and operating cash flow. It plans to start construction by year-end and add about 1 million layer hens capacity by late summer 2025.

Shares of Cal-Maine were down about 7.5% in after-hours activity.

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