Smithfield Foods, Inc. (NYSE: SFD) announced today that its board of directors had approved an increase in its share repurchase authorization to eight million shares from four million shares. The authorization provides for the repurchase of the company’s common stock from time to time in the open market or in private transactions.
The company has purchased about 3.7 million shares under the previously- existing four million share authorization.
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Smithfield Foods was ranked the number one Fortune 500 food stock in total return to investors and placed in the top 15th percentile in total return to investors among all Fortune 500 companies over the past 10 years. With annual sales of $5.2 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 live hogs, raw materials and supplies, live hog production costs, product pricing, the competitive environment and related market conditions, operating efficiencies, access to capital, the cost of compliance with environmental and health standards and actions of domestic and foreign governments.
