Meat Processor Considering a Buyout
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By BLOOMBERG NEWS
Published: January 23, 2007
Swift, the beef and pork producer, said yesterday that it was considering a possible buyout after receiving “unsolicited inquiries” during the last six months.
JPMorgan Chase has been hired to help review strategic and financial alternatives, including a sale, “a merger, strategic partnerships or refinancing,” Swift said in a statement.
Swift, which is based in Greeley, Colo., has had just one profitable quarter since November 2004 as beef exports have been slow to return after countries lifted bans on United States supplies after the appearance of mad-cow disease. Earlier this month, Swift reported a second-quarter loss of $12 million, and last week it said it would cut 70 jobs at its Greeley headquarters as part of a plan to reduce overhead costs.
Cattle Buyers Weekly, a cattle industry newsletter, reported last week that Swift’s principal owners, HM Capital Partners, of Dallas, might break the company up and sell its parts to rivals Tyson Foods, Cargill and Smithfield Foods.
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Sign In to E-Mail or Save This Print Reprints Share
DiggFacebookNewsvinePermalink
By BLOOMBERG NEWS
Published: January 23, 2007
Swift, the beef and pork producer, said yesterday that it was considering a possible buyout after receiving “unsolicited inquiries” during the last six months.
JPMorgan Chase has been hired to help review strategic and financial alternatives, including a sale, “a merger, strategic partnerships or refinancing,” Swift said in a statement.
Swift, which is based in Greeley, Colo., has had just one profitable quarter since November 2004 as beef exports have been slow to return after countries lifted bans on United States supplies after the appearance of mad-cow disease. Earlier this month, Swift reported a second-quarter loss of $12 million, and last week it said it would cut 70 jobs at its Greeley headquarters as part of a plan to reduce overhead costs.
Cattle Buyers Weekly, a cattle industry newsletter, reported last week that Swift’s principal owners, HM Capital Partners, of Dallas, might break the company up and sell its parts to rivals Tyson Foods, Cargill and Smithfield Foods.
Next Article in Business (22 of 29) »