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Smithfield Foods, Inc., which lost out to Tyson last year in the bidding to acquire beef packer IBP, is reportedly continuing on the expansion trail.
Joseph Luter, chairman and CEO of the Smithfield, Va.-based meat packer, was quoted by Reuters as saying the company is likely to announce two more acquisitions by the middle of next month. Smithfield issued $300 million in new debt last week, which Luter said would "give us the wherewithal to take advantage of opportunities as they present themselves," according to Reuters. He didn't' give further details.
Last month Smithfield, which has been diversifying from its base in the pork industry, agreed to acquire beef packer Packerland Holdings, Inc.