Press release from GlobeNewswire (a Nasdaq OMX company)
Smithfield Foods Announces Sale of Texhoma Hog Production Operations
Friday, January 28, 2011
SMITHFIELD, Va., Jan. 28, 2011 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (NYSE:SFD) announced today that it completed the sale of its hog production operations located in Texhoma, Oklahoma to Prestage Farms, Inc. Specific terms of the transaction were not disclosed.
The Texhoma operations house 20,000 sows and contain 71,000 nursery and 172,000 finishing spaces.
"Although vertical integration continues to be a key point of difference for Smithfield, these farms do not supply any of the company's pork processing plants," said C. Larry Pope, president and chief executive officer.
"The sale of these operations demonstrates our continuing commitment to shed non-core businesses with a greater focus on return on invested capital. This divestiture is another example of how we have altered our strategy to deliver better returns to our shareholders," he concluded.
About Smithfield Foods
Smithfield Foods is the world's largest pork processor and hog producer, with revenues exceeding $11 billion in fiscal 2010. In the United States, the company is also the leader in numerous packaged meats categories. From national brands and regional powerhouses in the United States to some of the best-known European brands, Smithfield Foods products are prized by retail, foodservice, and deli customers alike. For more information, please visit www.smithfieldfoods.com.
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CONTACT: Keira Lombardo Smithfield Foods, Inc. (757) 365-3050 firstname.lastname@example.org