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April 1, 2013
08:26 EDTSFDSmithfield Foods says will pursue selective M&A opportunities
Says to invest in Packaged Meats, value-added acquisition targets that can easily be integrated into existing business. Sees $300M-$350M annual CapEx on go-forward basis, planning to upgrade facilities; believes investments will help it grow Packaged Meats volume by 2%-3% annually and expand normalized operating margins into high single digits and beyond over next few years. The company says it resumed shipments to China in mid-March. For FY14, the company sees hog production below normalized, but improved from FY13 and fresh pork normalized. Comments taken from Investor Presentation slides.
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