The chief executive of US pork producer Smithfield Foods has said the company does not plan to make any more major acquisitions within the US following its purchase of Farmland Foods.
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“We certainly think that Farmland will be our last major acquisition in this country,” chief executive Joseph Luter told Reuters.
Smithfield, the largest US pork producer, has agreed to buy bankrupt Farmland Industries’ pork operations for US$363.5m if the bankruptcy court-approved auction process does not turn up any higher bids.
Luter said the deal to buy the nation’s sixth-largest pork processor is expected to close by November. He added that Smithfield remains confident that US regulators will approve the deal.
“With Farmland, Smithfield will have less market share in pork than Tyson (Foods) has in poultry and in beef,” Luter was quoted by Reuters as saying. “We are totally confident that we will receive approval.”
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By GlobalDataLuter added that Smithfield would now focus on acquisitions abroad.
