Murphy Family to return to independent pork production through agreement with Smithfield
Murphy Family Ventures and Smithfield have signed an agreement that will establish a Murphy-owned farming business with capacity to produce approximately 3.2 million hogs annually for Smithfield's fresh pork operations. The company, which will be majority owned by the Murphy family, will assume ownership of 150,000 sows - and the market hogs they produce - currently owned by Smithfield. Smithfield will provide production services, including the supply of feed and transportation services.
"The Murphy family has enjoyed the past 24 years as a contract growing partner with Smithfield and we look forward to restoring our heritage as an independent producer", said Dell Murphy, president and CEO of Murphy Family Ventures. "This agreement represents a generational transfer of independently owned swine production capabilities in North Carolina".
"Smithfield has evolved over the last 10 years into a more streamlined consumer packaged goods company focused on value-added fresh pork and packaged meats delivered from a portfolio of popular brands recognized for quality and taste", said Shane Smith, president and CEO of Smithfield Foods. "With this agreement, we continue this transformation while ensuring a supply of hogs from a family farming operation with a long history in and a strong commitment to best practices in American pork production".
Murphy Family Ventures and Smithfield expect to close the transaction by the end of the year.
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