Smithfield Foods’ Mexico joint venture with local investors, Norson Holdings, has received funding for the expansion of its facilities in the country.
The World Bank’s private-sector lender, IFC, yesterday (4 March) said it had lent US$40m to Sonora-based Norson, allowing the company to expand production and cut greenhouse gas emissions at its plants.
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The International Finance Corp said the loan will help Norson expand capacity for production, processing and cold storage over the next four years. The company also plans to install plastic liners at its waste facilities, resulting in a safer waste management system.
“We see opportunities for expansion in meeting growing demand for protein, both locally and in new export markets,” said Smithfield CEO Larry Pope. “Investments in environmental protection, animal care, and farm productivity enhance our competitive edge.”
