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BUSINESS
September 3, 2001 | From Reuters
ConAgra Foods Inc., the No. 2 U.S. food company, is actively shopping its beef business to potential buyers, and has recently had talks with pork producer Smithfield Foods Inc., a source close to the situation said. The move may be part of a broader attempt by Omaha, Neb.-based ConAgra to focus more on its retail products, such as Healthy Choice meals, Butterball turkeys, and Bumble Bee tuna, and to move away from commodity-oriented businesses that have pressured earnings.
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BUSINESS
July 10, 2013 | By Alexei Koseff, Washington Bureau
WASHINGTON - The chief executive of Smithfield Foods Inc. sought to quell concerns about the proposed purchase of the world's leading pork producer by a Hong Kong-based meat processor while others raised questions about food security during a hearing Wednesday by the Senate agriculture committee. The $4.7-billion acquisition by Shuanghui International Holdings, announced in May, would be the largest purchase of a U.S. company by a Chinese firm. Shuanghui is the majority owner of China's primary pork producer.
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BUSINESS
September 3, 1999 | Associated Press
* The nation's two largest hog growers are merging in a $290-million deal, a shakeout from last year's rock-bottom producer pork prices. Smithfield Foods Inc. of Smithfield, Va., the world's largest hog producer and processor, agreed to buy No. 2 producer Murphy Family Farms of Rose Hill, N.C. The purchase involves about 10 million shares of Smithfield Foods plus the assumption of about $170 million in Murphy Farms debt. Smithfield's shares closed up 3 cents at $29 on Nasdaq.
NEWS
June 27, 2013 | By Rene Lynch, This post has been corrected. See the note below for details.
Paula Deen awoke to more bad news Thursday: Target and a Danish pharmaceutical company are curtailing their financial relationships with the celebrity cook. Target Corp. said Thursday it will phase out its Paula Deen-branded cookware and other items, according to the Associated Press: "Once the merchandise is sold out, we will not be replenishing inventory," Target spokeswoman Molly Snyder said.  Meanwhile, a statement released Thursday morning by a Danish pharmaceutical company that markets medication for Type 2 diabetes said: "Novo Nordisk and Paula Deen have mutually agreed to suspend our patient education activities for now, while she takes time to focus her attention where it is needed.
BUSINESS
March 6, 2008 | From Times Wire Services
Smithfield Foods Inc. said it was selling its beef operations to JBS of Sao Paulo, Brazil, for $565 million. It was the second deal in two days for JBS, which is becoming the largest meat processor in the U.S. The deal comes a day after National Beef Packing Co. of Kansas City, Mo., the nation's fourth-largest beef processor, said it was being acquired by JBS in a cash and stock deal worth $560 million. Smithfield Foods, based in Smithfield, Va., is the fifth-largest U.S. beef producer.
BUSINESS
August 1, 2006 | From the Associated Press
Smithfield Foods Inc., the largest global pork processor, said it agreed to acquire most assets of the branded meats business of ConAgra Foods Inc. for about $575 million in cash and stock. Brands being acquired include Armour, Butterball, Eckrich, Margherita, Longmont and LunchMakers, which are marketed to grocers, delis and restaurants. The brands have sales of about $1.8 billion.
BUSINESS
February 18, 2009 | TIMES WIRE REPORTS
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.
BUSINESS
June 17, 2013 | By Tiffany Hsu
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.
BUSINESS
February 13, 2012 | By Pat Benson
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.
NEWS
June 27, 2013 | By Rene Lynch, This post has been corrected. See the note below for details.
Paula Deen awoke to more bad news Thursday: Target and a Danish pharmaceutical company are curtailing their financial relationships with the celebrity cook. Target Corp. said Thursday it will phase out its Paula Deen-branded cookware and other items, according to the Associated Press: "Once the merchandise is sold out, we will not be replenishing inventory," Target spokeswoman Molly Snyder said.  Meanwhile, a statement released Thursday morning by a Danish pharmaceutical company that markets medication for Type 2 diabetes said: "Novo Nordisk and Paula Deen have mutually agreed to suspend our patient education activities for now, while she takes time to focus her attention where it is needed.
NEWS
June 26, 2013 | By Rene Lynch and Tenny Tatusian
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.
BUSINESS
June 17, 2013 | By Tiffany Hsu
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.
BUSINESS
June 17, 2013 | By Tiffany Hsu
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.
BUSINESS
May 29, 2013 | By Ken Bensinger and Tiffany Hsu, Los Angeles Times
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.
BUSINESS
February 13, 2012 | By Pat Benson
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.
BUSINESS
February 18, 2009 | TIMES WIRE REPORTS
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.
NEWS
June 26, 2013 | By Rene Lynch and Tenny Tatusian
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.
BUSINESS
January 4, 2000 | Bloomberg News
Smithfield Foods Inc., the largest U.S. pork producer, said its fiscal third-quarter profit will fall after flood damage hurt its business in North Carolina and rising wholesale pork prices lagged rising hog prices. The Smithfield, Va.-based company didn't specify how much lower profit would be than in the year-ago quarter, when the lowest hog prices in half a century led to record profit of $1.31 a share. The average estimate of six analysts surveyed by First Call/Thomson Financial was $1.
BUSINESS
March 6, 2008 | From Times Wire Services
Smithfield Foods Inc. said it was selling its beef operations to JBS of Sao Paulo, Brazil, for $565 million. It was the second deal in two days for JBS, which is becoming the largest meat processor in the U.S. The deal comes a day after National Beef Packing Co. of Kansas City, Mo., the nation's fourth-largest beef processor, said it was being acquired by JBS in a cash and stock deal worth $560 million. Smithfield Foods, based in Smithfield, Va., is the fifth-largest U.S. beef producer.
NATIONAL
November 18, 2006 | Nicole Gaouette, Times Staff Writer
Hundreds of workers picketed the world's largest pork plant Friday after walking off the job to protest the company's firing of about 50 employees, all Latino, who were suspected of being illegal immigrants. Officials at Smithfield Foods Inc. in Tar Heel, N.C., said they were forced to fire the workers because of stepped-up scrutiny by the Homeland Security agency responsible for work site enforcement.
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