A Smithfield Foods' executive predicts that consumer pork prices will continue to increase, despite efforts to help keep prices reasonable. George Richter, president and chief operating officer of Smithfield's Pork Group, said, "I think the American consumer is going to have to put up with higher prices. I don't know how high, though."
The (Norfolk) Virginian-Pilot reports Smithfield officials presented on these pork price predictions and more at the company’s first Investor Day event.
Share holders and financial analysts gathered at the event, where they interacted with officials and attended presentations on hog production, pork predictions and the company’s robust financial outlook.
Smithfield officials told share holders and financial analysts in their first Investor Day presentations. Officials said that they would push further into packaged meats, which accounts of two-thirds of the pork sector profits. They also predict profits in the hog production business, even if corn prices continue to rally.
Smithfield is the world's largest pork processor and hog producer. The company reduced its debt from $4 billion in 2009 to $2.5 billion today. They reported record profits in each of the last two quarters.
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Recently, the Smithfield Foods’ Pork Group has been featured in multiple news articles. Articles include recent abuse allegations at a Smithfield hog farm in Virginia, and a Russian ban on pork from a Smithfield pork plant in Nebraska.