Smithfield Foods is the world's largest pork processor and hog producer. The company processes 27 million hogs and raises 14 million annually. The company's collection of well-known brands includes Smithfield, Smithfield Lean Generation, John Morrell, Gwaltney, Patrick Cudahy, Krakus, and Stefano's.
Since 1981, Smithfield has made 32 acquisitions to expand geographically and diversify into new product segments. By acquiring Moyer Packing Company and Packerland Holdings (subsequently merged to create Smithfield Beef Group) in fiscal 2002, Smithfield Foods became the fifth-largest beef producer in the United States. The company processes approximately two million cattle annually, which represents a six percent share of the U.S. market.
Outside the United States, Smithfield owns subsidiaries in France, Poland, Romania and the United Kingdom and operates joint ventures in Mexico, China and Spain.
In fiscal 2005, Smithfield had revenues of $11.3 billion and net income of $296.2 million.
The origins of Smithfield Foods date back to 1936 when Joseph W. Luter, Sr. and his son, Joseph W. Luter, Jr., opened their Smithfield Packing plant in Smithfield, VA. The younger Mr. Luter served as CEO until his death in 1962. His son, Joseph W. Luter, III, joined the company after graduating from college in 1962 and became president in 1966 at the age of 27. He remained in that role until 1969 when Smithfield Packing was acquired by Liberty Equities.
Luter became CEO of the company in 1975 and has led the company to phenomenal growth.
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Updated September 16, 2005