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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.
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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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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.
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
August 9, 1997
A federal judge ordered Norfolk, Va.-based Smithfield Foods Inc., the East Coast's largest pork processor, to pay a $12.6-million fine for dumping thousands of gallons of hog waste into a Chesapeake Bay tributary. Smithfield executives were not immediately available for comment. . . . AMR Corp. again has reached a tentative agreement with the union representing pilots at its regional airline, American Eagle.
BUSINESS
December 6, 2001 | Reuters
No. 1 pork processor Smithfield Foods Inc. and meatpacker American Foods Group Inc. said they have ended discussions for Smithfield's planned acquisition of American Foods. The companies announced on Nov. 1 an agreement in principle for the deal, which would have aided Smithfield's expansion into the beef business. Financial terms were not disclosed. A source familiar with the negotiations said the two sides could not agree on a price for American Foods.
BUSINESS
June 7, 2001 | Bloomberg News
Smithfield Foods Inc., the largest U.S. hog producer, said fiscal fourth-quarter profit surged 70% to $48.5 million, or 90 cents a share, as it sold more fresh pork and increased profit margins on processed meats. Sales rose 7.8% to $1.51 billion. Smithfield said it benefited from increased sales of meat packaged as Lean Generation Pork and other brands, which are more profitable than the bulk meat it sells to supermarkets.
BUSINESS
October 14, 2003 | From Associated Press
Smithfield Foods Inc. said it won an auction for Farmland Industries Inc.'s pork business. As part of the deal, Smithfield, based in Smithfield, Va., would pay $367.4 million in cash for almost all the assets of the Kansas City, Mo., company's pork division, Farmland Foods. Smithfield also would assume $90 million in pension obligations, boosting the value of the transaction to $457.4 million. Smithfield rival Cargill Inc. of Minnetonka, Minn.
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
November 21, 2001 | Bloomberg News
Smithfield Foods Inc., the largest U.S. hog producer, said fiscal second-quarter profit rose 36% as pork sales improved and the company benefited from its expansion into the beef business. Net income rose to $60.5 million, or 56 cents a share, in the three months ended Oct. 28, from $44.6 million, or 40 cents, in the year-earlier period. Results exceeded the 53 cents analysts expected, based on a Thomson Financial/First Call survey. Revenue rose to $1.67 billion from $1.43 billion.
BUSINESS
October 14, 2003 | From Associated Press
Smithfield Foods Inc. said it won an auction for Farmland Industries Inc.'s pork business. As part of the deal, Smithfield, based in Smithfield, Va., would pay $367.4 million in cash for almost all the assets of the Kansas City, Mo., company's pork division, Farmland Foods. Smithfield also would assume $90 million in pension obligations, boosting the value of the transaction to $457.4 million. Smithfield rival Cargill Inc. of Minnetonka, Minn.
BUSINESS
December 6, 2001 | Reuters
No. 1 pork processor Smithfield Foods Inc. and meatpacker American Foods Group Inc. said they have ended discussions for Smithfield's planned acquisition of American Foods. The companies announced on Nov. 1 an agreement in principle for the deal, which would have aided Smithfield's expansion into the beef business. Financial terms were not disclosed. A source familiar with the negotiations said the two sides could not agree on a price for American Foods.
BUSINESS
November 21, 2001 | Bloomberg News
Smithfield Foods Inc., the largest U.S. hog producer, said fiscal second-quarter profit rose 36% as pork sales improved and the company benefited from its expansion into the beef business. Net income rose to $60.5 million, or 56 cents a share, in the three months ended Oct. 28, from $44.6 million, or 40 cents, in the year-earlier period. Results exceeded the 53 cents analysts expected, based on a Thomson Financial/First Call survey. Revenue rose to $1.67 billion from $1.43 billion.
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.
BUSINESS
June 7, 2001 | Bloomberg News
Smithfield Foods Inc., the largest U.S. hog producer, said fiscal fourth-quarter profit surged 70% to $48.5 million, or 90 cents a share, as it sold more fresh pork and increased profit margins on processed meats. Sales rose 7.8% to $1.51 billion. Smithfield said it benefited from increased sales of meat packaged as Lean Generation Pork and other brands, which are more profitable than the bulk meat it sells to supermarkets.
BUSINESS
December 30, 2000 | Reuters
Pork producer Smithfield Foods Inc. is expected to improve its offer for IBP Inc., as a deadline looms in its battle with Tyson Inc. for control of the beef-processing company, analysts said. Tyson, the largest U.S. poultry producer, raised its bid for IBP late Thursday by $1 to $27 a share in cash and stock, valuing Dakota Dunes, S.D.-based IBP at $2.9 billion. Smithfield, Va.-based Smithfield has offered $25 a share in stock and has been expected to raise the bid.
BUSINESS
November 15, 2000 | Bloomberg News
IBP Inc., which last month agreed to a management-led buyout, said it will consider a competing $4.1-billion bid from Smithfield Foods Inc. that would create the nation's largest beef and pork producer. IBP, the largest U.S. beef supplier, said in a letter to Smithfield Chief Executive Joseph W. Luter III that it was "prepared to enter into discussions" if the Smithfield, Va.-based pork producer increased its offer of $25 a share in stock.
BUSINESS
November 19, 2000 | MELINDA FULMER, TIMES STAFF WRITER
Squeals of protest erupted last week from farmers, politicians and regulators when Smithfield Foods Inc. offered to buy its largest competitor and the nation's biggest beef processor, IBP Inc., for $2.7 billion in stock, besting a deal put together by management and a Wall Street investment group.
BUSINESS
November 15, 2000 | Bloomberg News
IBP Inc., which last month agreed to a management-led buyout, said it will consider a competing $4.1-billion bid from Smithfield Foods Inc. that would create the nation's largest beef and pork producer. IBP, the largest U.S. beef supplier, said in a letter to Smithfield Chief Executive Joseph W. Luter III that it was "prepared to enter into discussions" if the Smithfield, Va.-based pork producer increased its offer of $25 a share in stock.
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