Smithfield Foods, Inc. (NYSE: SFD) yesterday closed the acquisition of substantially all of the assets and business of Gorges/Quik-to-Fix Foods, Inc. for approximately $34 million in cash. The agreement was approved on July 13 by the United States Bankruptcy Court in Delaware overseeing the Quik-to-Fix bankruptcy proceeding.
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“Quik-to-Fix provides an ideal vehicle for Smithfield Foods to participate in the fully-cooked, ready-to-eat pork and beef category,” said C. Larry Pope, vice president and chief financial officer. “We will invest aggressively to dramatically expand this business. This acquisition gives us a head start in catering to changing lifestyles and consumers who want to reduce the effort involved in preparing a quality meal.”
Quik-to-Fix is a leading producer, marketer and distributor of value-added beef, pork and poultry products for the retail and food service industry. With annual sales of $140 million, the company’s products are marketed primarily under the Quik-to-Fix and Gorges brands. Customers include several major retail chains, as well as numerous national foodservice distributors.
Smithfield Foods has delivered a 28 percent average annual compounded rate of return to investors since 1975. In the last 15 years, the company’s share price has outperformed the S&P 500 Index by more than 350 percent. With annual sales of $6 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 .
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By GlobalDataForward Looking Information
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, adverse results from ongoing litigation and actions of domestic and foreign governments.
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