Smithfield Foods to keep US pork plants open, eyes tariffs amid IPO, CEO says

Source: Reuters

January 28, 2025 1:33 PM EST Updated 8 hours ago


Jan 28 (Reuters) - Smithfield Foods does not plan to close more U.S. pork processing plants, Chief Executive Shane Smith said on Tuesday, as the company returned to a U.S. exchange after more than a decade in a spinoff by Hong Kong-based WH Group (0288.HK).

The biggest U.S. pork processor also is paying close attention to trade and immigration policy changes under U.S. President Donald Trump as it exports pork and relies on a diverse group of meatpacking workers, Smith said in an interview. WH Group, the world's largest pork producer, spun off Smithfield as Trump has threatened tariffs on imports from major pork consumers, including China and Mexico, that could trigger retaliatory duties that hurt U.S. agricultural exports.

Smithfield was valued at $8.1 billion after its shares ticked up in a muted debut. Before the listing, the company carved out its European business, ended contracts with some U.S. hog farms and shut a California pork plant in recent years. "We believe that really the heavy lifting is done," Smith said. "This next phase will be focused on growth."

U.S. farmers, who deliver hogs to processing plants, and slaughterhouse workers have been on edge about the risk for further plant closures.

Read more: https://www.reuters.com/business/smithfield-foods-keep-us-pork-plants-open-eyes-tariffs-amid-ipo-ceo-says-2025-01-28/