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Smithfield Announces Two European Meat Processing Acquisitions
SMITHFIELD, Va., Nov. 4 /PRNewswire-FirstCall/ -- Smithfield Foods, Inc. today
announced two acquisitions that continue to strategically align the company for
growth in Europe. The company paid $83 million to acquire meat processors in
Poland and Romania.
Smithfield's Animex Group, the largest meat processor in Poland, purchased
MORLINY S.A., which has sales of over $100 million. The companies produce the
two best-recognized brands in Poland -- Krakus and Morliny. The Animex Group
now consists of eight meat companies, including four red meat plants and four
poultry plants.
"Morliny is a strong company with the leading brand name in the Polish market,"
said Morten Jensen. "The complimentary brands of Animex and Morliny and the
operating efficiencies between these two companies make us the clear leader in
the production and marketing of branded processed meats in this important
market while continuing to enhance our export capabilities."
Smithfield also purchased Comtim Group SRL, its second acquisition in Romania.
Comtim Group is a vertically integrated meat processing company in Timisoara.
The company has hog production facilities with a capacity of 15,000 sows.
Currently the company has about 10,000 sows producing 200,000 market hogs
annually.
"These acquisitions strengthen our presence to capitalize on marketing
opportunities to develop the protein marketplace in Eastern Europe as these
markets emerge," said Robert A. Sharpe II, president of international
operations for Smithfield. "Also, by coordinating manufacturing and marketing
advantages, we will be well-positioned as Europe continues to evolve toward one
marketplace."
With sales of $10 billion, Smithfield Foods is the leading processor and
marketer of fresh pork and processed meats in the United States, as well as the
largest producer of hogs. For more information, please visit
http://www.smithfieldfoods.com/.
This news release may contain "forward-looking" information within the meaning
of the federal securities laws. The forward-looking information may include
statements concerning the company's 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. The
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 availability and prices of livestock, raw materials and supplies,
livestock costs, product pricing, the competitive environment and related
market conditions, operating efficiencies, access to capital, the cost of
compliance with environmental and health standards, adverse results from
ongoing litigation and actions of domestic and foreign governments.
DATASOURCE: Smithfield Foods, Inc.
CONTACT: Jerry Hostetter of Smithfield Foods, Inc., +1-212-758-2100, or
Web site: http://www.smithfieldfoods.com/