SMITHFIELD, Va. — An executive with Smithfield Foods' Pork Group in Smithfield, Va., predicted pork prices will rise despite retailers' efforts to corral some cost increases.
George Richter, president and chief operating officer of Smithfield's Pork Group unit, said he expected pork consumers would climb but "I don't know how high," The (Norfolk) Virginian-Pilot reported.
Officials from Smithfield, the world's largest pork producer and processor, told financial analysts and shareholders Tuesday during the company's Investor Day event it would push into packaged meats, restructure operations, reducing its debt and increase marketing ventures.
"We think we have a competitive cost structure in all of the operating segments of this business," said C. Larry Pope, Smithfield Foods president and chief executive officer. "We think we have a very conservative balance sheet today."
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