The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from GlobeNewswire (a Nasdaq OMX company)

Smithfield Confirms Receipt of Continental Grain Company Presentation

Thursday, April 25, 2013

Smithfield Confirms Receipt of Continental Grain Company Presentation

12:30 EDT Thursday, April 25, 2013

Reiterates Continued Commitment to Increase Shareholder Value

Previously Determined Continental Grain's Assessment of a Break-up to be "Inherently Flawed" Based on Rigorous Analysis

SMITHFIELD, Va., April 25, 2013 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc. (NYSE:SFD) confirmed that it has received the presentation from Continental Grain Company. The company reiterates its commitment to review all alternatives to increase long-term value for all shareholders.

Smithfield previously reviewed and responded to Continental Grain's March 7th memorandum to the company's board of directors, which put forth many of the same points contained in today's presentation. The response can be found in Smithfield's April 1, 2013 investor presentation available here.

C. Larry Pope, president and chief executive officer, commented:

"Our number one priority is to create long-term value for our shareholders, and we welcome the perspectives of all of our investors. Consistent with this objective, we are continuing to review Continental Grain's presentation and will provide a specific response in due course.

"Our board and management are focused on the implementation of our growth strategy that is working. We recently delivered the two best years of operating performance in our company's history, we have restructured and streamlined our Pork segment, drastically de-levered our balance sheet, returned significant cash to shareholders and reduced commodity exposure. As a result of our work, our stock price has nearly doubled since 2009 when Continental Grain resigned from our board.

"Further, we believe that Continental Grain's analysis of the benefits of a divestiture of our Hog Production business and select European assets, which they have made before, is inherently flawed, based on an intensive and ongoing review of these and other alternatives by the board, management and our financial and legal advisors.

"Smithfield's board, consisting of a balanced mix of directors who know our industry well, has a strong track record of taking aggressive action to enhance value for all shareholders."

About Smithfield Foods

Smithfield Foods is a $13 billion global food company and the world's largest pork processor and hog producer. In the United States, the company is also the leader in numerous packaged meats categories with popular brands including Smithfield®, Eckrich®, Farmland®, Armour®, Cook's®, Gwaltney®, John Morrell®, Kretschmar®, Curly's®, Carando®, Margherita®, and Healthy Ones®. Smithfield Foods is committed to providing good food in a responsible way and maintains robust animal care, community involvement, employee safety, environmental, and food safety and quality programs. For more information, visit www.smithfieldfoods.com and www.smithfieldcommitments.com.

CONTACT: Keira Lombardo
Smithfield Foods, Inc.
(757) 365-3050
keiralombardo@smithfieldfoods.com
Lawrence A. Rand
Kekst and Company, Inc.
(212) 521-4834
lar@kekst.com

Smithfield Foods, Inc. Logo

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections