Smithfield Foods Chairman Vows to Continue Expansion
Aug. 30--RICHMOND, Va.--With record earnings and its stock price surging, meat giant Smithfield Foods Inc. plans to keep buying up companies and building new facilities, the company's chairman told shareholders Wednesday.
"This is a very dynamic time in this industry,"
Joseph W. Luter III said at the company's annual
meeting at Richmond's Jefferson Hotel. "There
are lots of opportunities out there."
Smithfield also announced a two-for-one stock split
next month after shareholders approved an increase
in the number of authorized shares.
Luter said to expect the announcement of two or
three more purchases over the next several weeks,
one of "substantial" size. They would follow four
other acquisitions since late June.
Luter said the growth will further Smithfield's plan to
move from a provider of bulk pork, typically sold in
higher volumes but at lower profit margins, to
higher-margin processed and pre-cooked meats.
"This is a very dynamic time in this industry,"
Joseph W. Luter III said at the company's annual
meeting at Richmond's Jefferson Hotel. "There
are lots of opportunities out there."
Smithfield also announced a two-for-one stock split
next month after shareholders approved an increase
in the number of authorized shares.
Luter said to expect the announcement of two or
three more purchases over the next several weeks,
one of "substantial" size. They would follow four
other acquisitions since late June.
Luter said the growth will further Smithfield's plan to
move from a provider of bulk pork, typically sold in
higher volumes but at lower profit margins, to
higher-margin processed and pre-cooked meats.