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<blockquote data-quote="la4angus" data-source="post: 188663" data-attributes="member: 132"><p>Smithfield Foods Sees Building Beef-Processing Plant In US</p><p></p><p>DES MOINES, Iowa (Dow Jones)--Smithfield Foods Inc. (SFD), the nation's largest pork processor, said Wednesday it intends to build at least one beef-processing plant in the U.S. Southwest soon.</p><p></p><p>The plant would be supplied from cattle feedlots that Smithfield and a partner already operate. Those feedlots are in Texas, Oklahoma, Colorado, Kansas and Idaho.</p><p></p><p>The facility is expected to cost about $150 million, half of which is likely to be assumed by an unnamed partner, Smithfield Chief Executive Joseph W. Luter III said during a conference call.</p><p></p><p> "We'll be applying for permits very shortly," he said. Luter indicated that a second processing facility could be added later if financially justified.</p><p> </p><p>"We have enough cattle</p><p> under feed to supply two plants," Luter said. </p><p></p><p> Smithfield has secured land in the Southwest close to its feedlots for processing facilities, he said.</p><p></p><p> "It might sound crazy today," Luter said, referring to poor profit margins in the beef business now. "But," he added, "I do believe the cycle will turn around.</p><p></p><p> Source: Richard Gibson, Dow Jones Newswires; 515-282-6830; <a href="mailto:dick.gibson@dowjones.com">dick.gibson@dowjones.com</a></p></blockquote><p></p>
[QUOTE="la4angus, post: 188663, member: 132"] Smithfield Foods Sees Building Beef-Processing Plant In US DES MOINES, Iowa (Dow Jones)--Smithfield Foods Inc. (SFD), the nation's largest pork processor, said Wednesday it intends to build at least one beef-processing plant in the U.S. Southwest soon. The plant would be supplied from cattle feedlots that Smithfield and a partner already operate. Those feedlots are in Texas, Oklahoma, Colorado, Kansas and Idaho. The facility is expected to cost about $150 million, half of which is likely to be assumed by an unnamed partner, Smithfield Chief Executive Joseph W. Luter III said during a conference call. "We'll be applying for permits very shortly," he said. Luter indicated that a second processing facility could be added later if financially justified. "We have enough cattle under feed to supply two plants," Luter said. Smithfield has secured land in the Southwest close to its feedlots for processing facilities, he said. "It might sound crazy today," Luter said, referring to poor profit margins in the beef business now. "But," he added, "I do believe the cycle will turn around. Source: Richard Gibson, Dow Jones Newswires; 515-282-6830; [email=dick.gibson@dowjones.com]dick.gibson@dowjones.com[/email] [/QUOTE]
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