Smithfield Foods, Inc. - Smithfield Foods Announces Resignation of Director

Print page Email page Download PDF

« Previous Release | Next Release »

Smithfield Foods Announces Resignation of Director

SMITHFIELD, Va., Sept 15, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Smithfield Foods, Inc. (NYSE: SFD) announced today that Paul Fribourg advised the Company that he is resigning as a member of the Company's Board of Directors because he does not support the Company's previously announced $250 million equity offering. Mr. Fribourg is the Chairman, President and Chief Executive Officer of Continental Grain Company, the beneficial owner of approximately 8.8% of the Company's common stock. Mr. Fribourg advised the company that he did not believe that an offering of this magnitude was necessary at this time, given his confidence in the future performance of the company and the attendant dilution to all shareholders. Michael J. Zimmerman, Executive Vice President and Chief Financial Officer of Continental Grain Company, also submitted his resignation as an Advisory Director.

Smithfield Foods is the world's largest pork processor and hog producer, with revenues exceeding $12 billion in fiscal 2009. For more information, visit www.smithfieldfoods.com.

This press release contains "forward-looking" statements within the meaning of the federal securities laws. The forward-looking statements 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 Company's 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 the ability to consummate the transactions described in this press release, availability and prices of live hogs, raw materials, fuel and supplies, food safety, livestock disease, live hog production costs, product pricing, the competitive environment and related market conditions, the inability to refinance or otherwise amend our existing indebtedness on terms favorable to us or at all, hedging risk, operating efficiencies, changes in interest rate and foreign currency exchange rates, access to capital, the investment performance of the Company's pension plan assets and the availability of legislative funding relief, the cost of compliance with environmental and health standards, adverse results from on-going litigation, actions of domestic and foreign governments, labor relations issues, credit exposure to large customers, the ability to make effective acquisitions and successfully integrate newly acquired businesses into existing operations, the Company's ability to effectively restructure portions of its operations and achieve cost savings from such restructurings and other risks and uncertainties described in the Company's Annual Report on Form 10-K for fiscal 2009 and Quarterly Report on Form 10-Q for the first quarter of fiscal 2010. Readers are cautioned not to place undue reliance on forward-looking statements because actual results may differ materially from those expressed in, or implied by, the statements. Any forward-looking statement that the Company makes speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

SOURCE Smithfield Foods, Inc.

http://www.smithfieldfoods.com