financetom
Business
financetom
/
Business
/
Smithfield Foods reports 20% drop in hog output
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Smithfield Foods reports 20% drop in hog output
Oct 3, 2024 12:01 AM

Sept 27 (Reuters) - Smithfield Foods has reduced its hog

production by about 20% by cutting farm operations in multiple

U.S. states, the world's largest pork processor said on Friday.

The company did not immediately respond to a Reuters request

for comment on over what period of time the production had

fallen 20%.

Earlier this year, the Virginia-based firm announced the

separation of its European operations as it plans to list in the

U.S., but it has not revealed a timeline yet.

"Smithfield's footprint has changed significantly as it has

streamlined and optimized operations to focus on the North

American market," the company said in a statement on greenhouse

gas reporting.

It has reduced farm operations in Missouri, Utah, Arizona,

California and the East Coast, it added.

Pork producers lost money last year as pig prices and

consumer demand for pork struggled at a time of high costs for

labor and other expenses, leading them to cut down supply.

Last year, Smithfield, owned by Hong Kong's WH Group ( WHGRF )

, said it would end contracts with 26 farms in Utah,

permanently close 35 farm sites in Missouri, and close a

processing plant in North Carolina.

Tyson Foods, the biggest U.S. meat company by sales, shut an

Iowa pork plant this year.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
UniCredit raises Commerzbank stake to 28% with further derivatives
UniCredit raises Commerzbank stake to 28% with further derivatives
Dec 18, 2024
MILAN, Dec 18 (Reuters) - Italian bank UniCredit said on Wednesday it had raised its potential stake in Germany's Commerzbank to 28% by signing new derivative contracts. UniCredit has applied to the European Central Bank to be allowed to get to 29.9% of Commerzbank. It said it was in touch with supervisors while the authorisation process was ongoing. It said...
Spain opens investigation against one holiday home renting platform
Spain opens investigation against one holiday home renting platform
Dec 18, 2024
MADRID, Dec 18 (Reuters) - Spain Consumer Rights Ministry said on Tuesday it opened an investigation against one holiday apartment renting platform it did not identify for not immediately withdrawing from its website thousands of rental offers with illegal advertising. ...
Canada's Patriot Battery Metals secures $48 mln investment from Volkswagen
Canada's Patriot Battery Metals secures $48 mln investment from Volkswagen
Dec 18, 2024
Dec 18 (Reuters) - Canada's Patriot Battery Metals ( PMETF ) said on Wednesday automotive giant Volkswagen has invested about C$69 million ($48.18 million) in the lithium miner for a 9.9% stake. ($1 = 1.4321 Canadian dollars) (Reporting by Sneha Kumar in Bengaluru; Editing by Mrigank Dhaniwala) ...
VW, unions continue marathon talks over plants, jobs on Wednesday, sources say
VW, unions continue marathon talks over plants, jobs on Wednesday, sources say
Dec 18, 2024
HANOVER, Germany (Reuters) -Talks between Volkswagen and unions on cuts to its German operations continued through the night and into Wednesday, according to two sources familiar with negotiations, as the sides battle to reach a solution before Christmas. The latest round of talks, which kicked off on Monday, reflects efforts by both sides to seek agreement over mass layoffs and...
Copyright 2023-2026 - www.financetom.com All Rights Reserved