SMITHFIELD, Va., Dec. 5 /PRNewswire-FirstCall/ -- Smithfield Foods, Inc. announced today that on December 3, 2008 its Chairman, Joseph W. Luter, III, sold two million shares of Smithfield Foods common stock to his four children. According to Mr. Luter, the sale of stock was made for estate planning purposes and to ensure continuity of ownership. The sale enables his children to continue to participate in the long-term growth of Smithfield Foods. Mr. Luter sold the stock at a price of $6 per share.
Prior to the sale, Mr. Luter owned approximately 3.6 million shares of Smithfield Foods common stock. As of November 28, 2008, there were approximately 143.6 million shares of Smithfield Foods common stock outstanding.
Smithfield stated that Form 4s disclosing these transactions were filed with the Securities and Exchange Commission on December 5, 2008.
With sales of $12 billion, Smithfield Foods is the leading processor and marketer of fresh pork and packaged meats in the United States, as well as the largest producer of hogs. For more information, visit http://www.smithfieldfoods.com/.
This news release contains "forward-looking" statements within the meaning of the federal securities laws. The forward-looking statements includes statements concerning the Company's outlook for the future, as well as other statements of beliefs, future plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. The Company's forward-looking information and statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the statements. These risks and uncertainties include the availability and prices of live hogs and cattle, raw materials, fuel and supplies, food safety, livestock disease, live hog production costs, product pricing, the competitive environment and related market conditions, hedging risk, operating efficiencies, changes in interest rate and foreign currency exchange rates, access to capital, the investment performance of the Company's pension plan assets and the availability of legislative funding relief, the cost of compliance with environmental and health standards, adverse results from on-going litigation, actions of domestic and foreign governments, labor relations issues, credit exposure to large customers, the ability to make effective acquisitions and successfully integrate newly acquired businesses into existing operations and other risks and uncertainties described in the Company's Annual Report on Form 10-K for fiscal 2008 and in its subsequent Quarterly Report on Form 10-Q. Readers are cautioned not to place undue reliance on forward-looking statements because actual results may differ materially from those expressed in, or implied by, the statements. Any forward-looking statement that the Company makes speaks only as of the date of such statement, and the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
CONTACT: Adam Weiner, Kekst and Company for Smithfield Foods, +1-212-521-4823.
