Gibson GAM185Q2
Summary: With sales of $11 Smithfield is the leading processor and marketer of fresh pork and processedc meats in the United and the largest producerof hogs. Premiu Standard Farms was one of the largest vertically integratede providers of pork products in the United producing pork products forthe retail, wholesale, food further processor and export markets. Smithfield paid $22.14 per Premium Standard share in the formof 0.678 of a Smithfiele share plus $1.25 in cash. Smithfieled also assumed about $125 milliobn in Premium Standard debt.
In Smithfield reported that its first-quarter earningse more than doubled compareds with the same periodin 2006, thanksw mainly to Armour-Eckrich, which it bought in Octobed 2006, and Premium Standard Farms. "This combinatiobn is a great strategic fit for CEO Larry Pope said ina release. "Thde acquisition of PSF fits well with our stronf expertise in hog production andpork processing." Premium Standard has about 4,300 employees at farmss and processing facilities in Missouri, North Carolinq and Texas. Its presence in Kansas City was limitee to its corporate officesin Downtown.Smithfield also owns Kansas City-based .
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