Smithfield Foods Announces Repurchase of COFCO Shares
SMITHFIELD, Va., Nov. 16, 2012 (GLOBE NEWSWIRE) -- Smithfield Foods, Inc.
(NYSE:SFD) today announced that it has purchased 7.0 million shares of its
common stock from COFCO Corporation, China's largest national agricultural
trading and processing company. The purchase was made pursuant to Smithfield's
previously announced share repurchase program.
"As the leading consumer of pork, China is an important export market for
Smithfield and we will continue to maintain a strong commercial relationship
with COFCO going forward. We foresee many future business opportunities for
Smithfield and China and our outlook for U.S. pork exports remains positive,"
said C. Larry Pope, president and chief executive officer.
The aggregate value of the purchase was approximately $148 million, or $21.12
per share, and represents the entirety of COFCO's previously held position
that was established in July 2008.
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.
The Smithfield Foods, Inc. logo is available at
This report contains "forward-looking" statements within the meaning of the
federal securities laws. The forward-looking statements include statements
concerning our outlook for the future, as well as other statements of beliefs,
future plans and strategies or anticipated events, and similar expressions
concerning matters that are not historical facts. Our forward-looking
information and statements are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed in, or implied
by, the statements. These risks and uncertainties include the availability and
prices of live hogs, feed ingredients (including corn), raw materials, fuel
and supplies, food safety, livestock disease, live hog production costs,
product pricing, the competitive environment and related market conditions,
risks associated with our indebtedness, including cost increases due to rising
interest rates or changes in debt ratings or outlook, hedging risk, adverse
weather conditions, operating efficiencies, changes in foreign currency
exchange rates, access to capital, the cost of compliance with and changes to
regulations and laws, including changes in accounting standards, tax laws,
environmental laws, agricultural laws and occupational, health and safety
laws, adverse results from on-going litigation, actions of domestic and
foreign governments, labor relations issues, credit exposure to large
customers, the ability to make effective acquisitions and successfully
integrate newly acquired businesses into existing operations, our ability to
effectively restructure portions of our operations and achieve cost savings
from such restructurings and other risks and uncertainties described under
"Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year
ended April 29, 2012. Readers are cautioned not to place undue reliance on
forward-looking statements because actual results may differ materially from
those expressed in, or implied by, the statements. Any forward-looking
statement that we make speaks only as of the date of such statement, and we
undertake no obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise. Comparisons of results
for current and any prior periods are not intended to express any future
trends or indications of future performance, unless expressed as such, and
should only be viewed as historical data.
CONTACT: Keira Lombardo
Smithfield Foods, Inc.
Smithfield Foods, Inc. Logo
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