In this file:
· Smithfield Mason City plant undergoing nearly $1 million in renovations
· Smithfield Foods Announces Expiration and Results of Cash Tender Offers for its Outstanding 2.650% Senior Unsecured Notes due 2021 and 3.350% Senior Unsecured Notes due 2022
Smithfield Mason City plant undergoing nearly $1 million in renovations
Jared McNett, Globe Gazette (IA)
Sep 13, 2020
Throughout the course of the COVID-19 pandemic in Iowa, all kinds of businesses have had to adapt to the uncertain times. Restaurants have taken out tables. Retail stores put up barriers at checkouts. Grocers shifted hours to accommodate more at-risk people.
For the Smithfield Foods location in Mason City, adapting is coming with a significant price tag.
According to Smithfield Foods Operations Manager Shane Whitenack, the meat processing facility is undergoing nearly $1 million in renovations to allow for additional social distancing.
"Our Mason City facility expansion is centered around renovating common spaces such as locker, screening and office areas," Whitenack said in a statement. He then added that those updates are scheduled to be completed in mid-October.
Earlier on in the pandemic, one concern for health officials was the volume of positive test cases coming from meat processing and packing plants.
In Sioux Falls, South Dakota more than 200 employees tested positive for COVID-19 at a Smithfield Foods pork processing plant which forced the facility to close for a two-week period. Because of those events, the Associated Press reported this week that the Occupational Safety and Health Administration (OHSA) had cited and fined Smithfield $13,494 for having employees working closely together and exposed to the coronavirus. The story also said that the OSHA report found that Smithfield did not do enough to space employees out or "provide other safety measures like face coverings or physical barriers."
Marc Perrone, the president of United Food and Commercial Workers, argued to the AP that the fine did not go far enough to punish a company that makes billions of dollars in a year.
"This so-called 'fine' is a slap on the wrist for Smithfield, and a slap in the face of the thousands of American meatpacking workers who have been putting their lives on the line to help feed America since the beginning of this pandemic," he said. For the company's part, spokeswoman Keira Lombardo said that the citation was "wholly without merit."
During the time that the Sioux Falls facility was having its greatest trouble, the Mason City location...
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Smithfield Foods Announces Expiration and Results of Cash Tender Offers for its Outstanding 2.650% Senior Unsecured Notes due 2021 and 3.350% Senior Unsecured Notes due 2022
Source: Smithfield Foods, Inc.
via PRNewswire - Sep 15, 2020
SMITHFIELD, Va., Sept. 15, 2020 /PRNewswire/ -- Smithfield Foods, Inc. (the "Company") today announced the results of its previously announced cash tender offers (collectively, the "Tender Offers") to purchase any and all of its 2.650% Senior Unsecured Notes due 2021 (the "2021 Notes") and its 3.350% Senior Unsecured Notes due 2022 (the "2022 Notes," and together with the 2021 Notes, the "Notes"), the 2021 Notes and 2022 Notes each having an aggregate outstanding principal amount of $400.0 million. The Tender Offers expired at 5:00 p.m., New York City time, on September 14, 2020 (the "Expiration Time"). According to information provided by D.F. King & Co., Inc., the information and tender agent for the Tender Offers, $89,216,000 aggregate principal amount of the 2021 Notes, or 22.30% of the aggregate principal amount outstanding, and $ 91,586,000 aggregate principal amount of the 2022 Notes, or 22.90% of the aggregate principal amount outstanding, were validly tendered at or prior to the Expiration Time and not validly withdrawn. There were no tenders of Notes pursuant to the guaranteed delivery procedures described in the Offer to Purchase dated September 8, 2020.
On September 15, 2020, which is the expected settlement date (the "Settlement Date"), the Company expects to pay for the Notes validly tendered and not validly withdrawn. The Company will pay all holders of the 2021 Notes accepted for purchase in the tender offer $1,006.25 per $1,000 principal amount of 2021 Notes tendered and all holders of the 2022 Notes accepted for purchase in the tender offer $1,010.00 principal amount of 2022 Notes tendered, in each case plus accrued and unpaid interest to, but not including, the Settlement Date.
Barclays Capital Inc. and BofA Securities acted as the dealer managers for the Tender Offers. The information agent and tender agent is D.F. King & Co., Inc. Questions regarding the Tender Offers should be directed to Barclays Capital Inc. at (212) 528-7581 (Collect) (800) 438-3242 (U.S. Toll-free) or firstname.lastname@example.org and BofA Securities at (980) 387-3907 (Collect) or email@example.com.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
Cautionary Statement on Forward-Looking Language
Forward-looking statements are made throughout this release. The forward-looking information may include 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 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 availability and prices of livestock, raw materials and supplies, livestock costs, livestock disease, food safety, product pricing, the competitive environment and related market conditions, ability to make and successfully integrate acquisitions, operating efficiencies, access to capital, the cost of compliance with environmental and health standards, adverse results from ongoing litigation, actions of domestic and foreign governments and the impact of the COVID-19 global pandemic. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company disclaims, however, any intent or obligation to update these forward-looking statements. There can be no assurance that the proposed transactions will be completed as anticipated or at all.
About Smithfield Foods, Inc.
Headquartered in Smithfield, Va. since 1936, Smithfield Foods, Inc. is an American food company with agricultural roots and a global reach. Our 40,000 U.S. and 15,000 European employees are dedicated to producing "Good food. Responsibly.®" and have made us one of the world's leading vertically integrated protein companies. We have pioneered sustainability standards for more than two decades, including many industry firsts, such as our ambitious commitment to cut our carbon impact by 25 percent by 2025. We believe in the power of protein to end food insecurity and have donated hundreds of millions of food servings to our neighbors in need. Smithfield boasts a portfolio of high-quality iconic brands, such as Smithfield®, Eckrich® and Nathan's Famous®, among many others.
SOURCE Smithfield Foods, Inc.