010643 Smithfield Completes Acquisition of MoyerJune 23, 2001Smithfield, VA - Smithfield Foods, Inc. announced that it has completed the acquisition of Moyer Packing Company, a closely-held beef processor based in Souderton, Pa., with annual sales of about $600 million. Terms of the transaction were not disclosed. Moyer Packing is the ninth largest beef processor in the U.S. and the largest in the Eastern United States. Operations include beef processing, fabricating and further processing, as well as hide processing. In addition to beef processing, the company has significant rendering operations in Pennsylvania, Delaware and Virginia. The company markets beef products on the East Coast with a strong presence in the Connecticut, Maryland, Massachusetts, New Jersey, New York and Pennsylvania markets, as well as exports to Japan. Moyer operates one of the most modern beef facilities in the United States with a slaughter capacity of 2,375 head per day. The company processed 464,998 head, or 360 million pounds of beef in fiscal 2000. Products include boxed beef, value-added beef products and ground beef for major grocery chains. Moyer also produces top-choice beef cuts marketed under premium programs by the major food service companies. Smithfield Foods has delivered a 28% average annual compounded rate of return to investors since 1975. In the last 15 years, the company's share price has outperformed the S&P 500 Index by more than 350%. With annual sales of $6 billion, Smithfield Foods is the leading processor and marketer of fresh pork and processed meats in the United States, as well as the largest producer of hogs.
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