June 26, 2013 |
Celebuchef Paula Deen broke down in tears on the "Today" show Wednesday morning, insisting that she is not a racist and that "evil" forces have been spreading harmful, hurtful lies about her. Deen said the public has been misled about her alleged use of a racial slur. Headlines in recent days left the impression that the slur is a common part of her vocabulary, but she hasn't uttered the word in 30 years, Deen said, not since she recalled being a young woman held up at gunpoint.
June 17, 2013 |
Fast casual chain Noodles & Co. expects its initial public offering to price at $13 to $15 a share, the company said in a regulatory filing Monday. The Broomfield, Colo., business said it expects $67.1 million in proceeds if shares are priced in the middle of the range at $14 a share. If underwriters choose to purchase additional shares, Noodles & Co. could raise $77.5 million, it said. The company is offering nearly 5.4 million shares of Class A common stock, it said in a document filed with the Securities and Exchange Commission.
June 17, 2013 |
Smithfield Foods Inc. may be worth less as a whole than its separate parts, according to an activist investor asking the Virginia pork giant this week to reconsider its recent $4.7-billion sale to a Chinese meat producer. Last month, Shuanghui International Holdings agreed to pay $4.7 billion, sans debt, for the full Smithfield package. The Hong Kong company offered $34 a share. But Starboard Value, a New York-based investment advisor, said in a letter Monday to Smithfield's board that breaking up the meat company and selling it in parcels would likely earn investors $44 to $55 a share.
May 29, 2013 |
China is hungry. The world's most populous country has for years been on an agricultural buying binge, scooping up supplies of soybeans, palm oil, cotton and just about anything else that can be culled from the soil. Now, with 1.3 billion mouths to feed, the Asian giant is turning its eyes to meat. On Wednesday, a Chinese meat processor agreed to purchase the world's largest pork producer, Smithfield Foods Inc., for $4.7 billion. The deal, the largest-ever purchase of a U.S. company by a Chinese firm, underscores the rapidly evolving taste of China's growing middle class, which is demanding more high-quality protein in a nation that has been beset by food safety scares.
February 13, 2012 |
McDonald's Corp. says it wants its pork suppliers to start treating pregnant pigs better. The fast-food giant said Monday that it is requiring suppliers to provide plans by May to phase out stalls like the one in the photo above that restrict the movement of pregnant pigs. It made the announcement in a joint statement with the Humane Society of the United States. "There are alternatives that we think are better for sows," said Dan Gorsky, senior vice president of the company's North America Supply Chain Management.
February 18, 2009 |
Smithfield Foods Inc. said it planned to cut 1,800 jobs and close six factories as part of a restructuring that comes amid an overall slump in the meat industry. The company plans to combine seven of its independent operating companies into three main units and close plants in six cities, including one in its hometown of Smithfield, Va., by December. The meat industry is slumping as companies such as Smithfield recover from volatile energy and commodity costs that reached record highs over the summer.