Shareholder renews Smithfield split-up suggestion

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Associated Press

Posted on April 25, 2013 at 8:02 AM

Updated Thursday, Apr 25 at 9:01 AM

SMITHFIELD, Va. (AP) — The second-largest shareholder for Smithfield Foods Inc. is reiterating that the world's largest pork producer should consider splitting up the company.

Continental Grain Co. on Thursday filed a presentation with the Securities and Exchange Commission furthering its recommendation outlined in a letter to the company's board last month.

Continental says Smithfield might make more money if it splits up into three units — a hog producing unit, fresh pork and packaged meat business and an international company.

Following that letter, Smithfield said in a statement that it would review the suggestions "in due course."

The Smithfield, Va.-based company, whose brands include Armour, Farmland and its namesake, reported its profit rose more than 3 percent in the most recent quarter, helped by gains in packaged meats, hog production and international business.

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