If he does to beef production what he did to pork...
DES MOINES, Iowa -(Dow Jones)- Smithfield Foods Inc. (SFD) (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 (SFD) 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.
DES MOINES, Iowa -(Dow Jones)- Smithfield Foods Inc. (SFD) (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 (SFD) 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.