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Global Expansion

Smithfield Foods Inc. reports 14 percent spike in second quarter 2014 sales

Smithfield Foods Inc. reports 14 percent spike in second quarter 2014 sales

SMITHFIELD — Despite posting a $3.8 billion profit last quarter, Smithfield Foods Inc. officials say a deadly pig virus is prompting them to pump the breaks on new global expansion. "Notwithstanding a bullish hog production outlook, PED (virus) concerns seem to have thwarted market expansion for now," said C. Larry Pope, Smithfield president and CEO, during a Monday morning conference call. Smithfield Foods released its second quarter 2014 earnings report, which increased 14 percent over second quarter 2013 sales. The Smithfield-based pork producer, now a wholly-owned subsidiary of China-based WH Group Limited, said its results in the quarter ending June 30 were boosted...

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