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Smithfield Foods, Inc. Message Board

  • deepcreekcapitalist deepcreekcapitalist May 2, 2002 5:19 PM Flag

    Norfolk and the Utah roast

     

    Last summer there was a massive fire in a SFD facility in Utah, which I like to refer to as a real hog roast. That news was considered a non-event by management and this board, other than me.

    Today, there is a plant shut down in Virginia which is describe as 'immaterial' to results.

    Are things so exceptional strong at SFD that these bruises mean nothing?

    Maybe I should load up the wheel barrel with more SFD shares now?

    Deep

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    • I do not know about you, but for me SFD is the biggest piece of shiit I ever invested in.
      This company is going to hell, with the few $ I invested in it.

    • Your concerns are overdone somewhat on these issues. Norfolk is a very old plant and makes essentially one product. It will be absorbed into another facility as an efficiency move. The Utah roast was very unfortunate and I believe the company reported that the farm loss was around $2.5 million uninsured. The loss was very small in the scheme of things.

    • The Norfolk plant was very small and consolidating that business can be more productive. Companies dump aging facilities all the time. Relative to the size of Foods, the Utah event was not that big a deal and I believe they said in the information that was with the annual report that the loss was basically offset by profits on the sale of IBP stock.

      • 1 Reply to Wahoo72
      • Smithfield to close small Norfolk pork factory
        By MICHAEL DAVIS, The Virginian-Pilot
        � May 3, 2002

        Meat giant Smithfield Foods Inc. will shut down a small backfat and smoked pork chop factory in Norfolk by November, idling about 160 workers.

        Officials for the world's biggest pork processor said the company is closing the plant and consolidating its production into more efficient operations, including its large bacon, sausage, country ham and smoked meat facility in Smithfield.

        Workers will begin to be let go around July 2, according to the company, with the entire operation phased out by November.

        All displaced Norfolk workers will be allowed to apply for transfer to the Smithfield factory, officials said. The facility, which employs about 2,000 workers, can likely absorb most of the Norfolk staff, according to the company.

        The Norfolk facility on East Indian River Road opened in 1980 and is operated under the Smithfield Packing Co. division.

        Smithfield Packing is Smithfield Foods' original operation, founded by current chairman Joseph W. Luter III's grandfather and father in 1936.

        Smithfield Foods also announced plans Thursday to sell its branded pork in Japanese stores through Ito Yokado Co.

        The agreement makes Smithfield the first company to sell U.S.-branded pork in Japan, Smithfield said in a statement. The company has been promoting its branded products, which bring better profit margins than bulk meats.

        Smithfield earned $223.5 million on sales of $5.9 billion in fiscal 2001. Those numbers are expected to rise this year because of new businesses the company has purchased.

        Reach Michael Davis at 446-2599 or midavis@pilotonline.com