WALLACE, N.C. and SMITHFIELD, Va., Dec. 2, 2024 /PRNewswire/ -- Murphy Family Ventures and Smithfield today announced a definitive agreement that will re-establish the Murphy family farming business, which was founded by Wendell Murphy in 1962 and largely credited with creating the modern swine industry, as one of the largest independent pork producers in the United States.   

Murphy Family Ventures and Smithfield have signed an agreement that will establish a Murphy-owned farming business with capacity to produce approximately 3.2 million hogs annually for Smithfield's fresh pork operations. The company, which will be majority owned by the Murphy family, will assume ownership of 150,000 sows – and the market hogs they produce – currently owned by Smithfield. Smithfield will provide production services, including the supply of feed and transportation services.

"The Murphy family has enjoyed the past 24 years as a contract growing partner with Smithfield and we look forward to restoring our heritage as an independent producer," said Dell Murphy, president and CEO of Murphy Family Ventures. "This agreement represents a generational transfer of independently owned swine production capabilities in North Carolina."

"Smithfield has evolved over the last 10 years into a more streamlined consumer packaged goods company focused on value-added fresh pork and packaged meats delivered from a portfolio of popular brands recognized for quality and taste," said Shane Smith, president and CEO of Smithfield Foods. "With this agreement, we continue this transformation while ensuring a supply of hogs from a family farming operation with a long history in and a strong commitment to best practices in American pork production."

Murphy Family Ventures and Smithfield expect to close the transaction by the end of the year.

About Murphy Family Ventures
Murphy Family Ventures (MFV) is a true family-owned company that opened in December 2004. As a management operation, MFV provides a wide array of support services to businesses owned by the Murphy family and others. Since its inception, the organization has expanded to provide those services to a diverse group well beyond its heritage of agriculture.

About Smithfield Foods
Smithfield Foods is an American food company with a leading position in packaged meats and fresh pork products. With a diverse brand portfolio and strong relationships with U.S. farmers and customers, we responsibly meet demand for quality protein around the world.

SOURCE Smithfield Foods, Inc.