Shareholder renews Smithfield split-up suggestion
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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