SMITHFIELD COMPANIES INC

SMITHFIELD COMPANIES INC

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Company Overview
The Smithfield Companies, Inc. is a private holding company whose subsidiaries are engaged in the manufacture and distribution of specialty food products and farm supplies in the United States. The company was incorporated in the year 2001 and has its registered headquarters located in Portsmouth, Virginia.
As a holding company, The Smithfield Companies takes controlling and supervisory measures and provides technical and scientific management holding services to its operating companies and enterprises, including the local units. Core services include management consulting and open-end management investments, business support services, and other investment advisory services.
One of the company’s subsidiaries is Williamsburg Foods Inc., which is engaged in the wholesale distribution of farm products and materials in the United States.
Business Summary
The Smithfield Companies, Inc., through its operating subsidiaries, produces and markets a wide range of branded food products to the retail grocery and food service industries. The Company has the legal right, through two of its units (Smithfield Ham and Joyner), to label certain of its aged, dry-cured hams as genuine “Smithfield” hams. Smithfield Ham produces and markets barbecue sauces in plastic and glass containers and portion-control packets for both the food service and retail grocery industries. It also markets deviled meat spreads, canned barbecues, country hams and Smithfield hams. V. W. Joyner & Co. is a curer and packer of Smithfield hams under the “Joyner” brand, and a curer and packer of country hams. On April 30, 2001, the Company entered into a merger agreement with Smithfield Foods, Inc., pursuant to which a subsidiary of Smithfield Foods is being merged with and into the Company. The merger was completed on July 31, 2001.
Description and history
The Smithfield Companies, Inc., through its operating subsidiaries, produces and markets a wide range of branded food products to the retail grocery and food service industries. The Company, incorporated in 1981, has the legal right, through two of its units (Smithfield Ham and Joyner), to label certain of its aged, dry-cured hams as genuine “Smithfield” hams. On April 30, 2001, the Company entered into a definitive merger agreement with Smithfield Foods, Inc., pursuant to which a subsidiary of Smithfield Foods is being merged with and into the Company. The merger was completed on July 31, 2001.

The Company does not raise or slaughter animals or grow any vegetable products, but instead purchases all meats and ingredients for processing and curing. The Company purchases its meats and ingredients from a variety of suppliers, and it is not dependent on any one particular supplier for a material portion of meats, ingredients or packaging materials.

Smithfield Ham has evolved from a cured meat producer and meat canner to become primarily a producer of frozen barbecues and chilies for the food service and retail grocery industries. Smithfield Ham began producing frozen barbecues in 1985 primarily for the food-service industry. On February 28, 1997, Smithfield Ham acquired the frozen barbecue and chili product lines of Doughtie’s Foods, Inc. The operations have been integrated into the Company’s plant in Smithfield, Virginia. The frozen line is marketed under the “James River,” “Smitty Pig,” “Virginia’s Choice” and “Doughtie” brands primarily in the Mid-Atlantic States.

Smithfield Ham produces and markets barbecue sauces in plastic and glass containers and portion-control packets for both the food-service and retail grocery industries. It also markets deviled meat spreads, canned barbecues, country hams and Smithfield hams under the “Amber” brand. Nine percent of Smithfield Ham’s sales are composed of cured hams, honey glazed hams, canned meat products and meat spreads in glass containers marketed under the James River, “Princess Anne” and Amber brands. These products are sold in the Mid-Atlantic States to retail grocery accounts and, jointly with Joyner, by direct mail through seasonal consumer catalogs.

Founded in 1889, V. W. Joyner & Co. is a curer and packer of Smithfield hams under the “Joyner” brand, and a curer and packer of country hams under the “Red Eye” brand. Joyner has expanded its business by further processing these two main products into various sliced, cooked and pressed variations for both the food service and retail grocery industry. On April 22, 1998, V. W. Joyner acquired The E. M. Todd Company. Founded in Smithfield, Virginia prior to 1779, Todd is the original curer of the Smithfield Ham. Joyner’s sales are concentrated in Virginia, but it maintains a number of small accounts throughout the United States.

Since the late 1960’s, Pruden Packing Co., Inc. (Pruden) has focused exclusively on curing and packing dry-cured pork products, including country hams, bacon and shoulders, which remain its primary products. Pruden markets its country meats primarily in Virginia and North Carolina under the “Peanut City” and “Pruden” brands. It also exports hams and shoulders to the Caribbean under its own and private-label brands. Pruden’s top 10 customers account for approximately 84% of its sales.

Williamsburg Foods, Inc. and The Peanut Shop, Inc. are operated as one unit of the Company, and involve a manufacturing facility that operates as Williamsburg Foods, Inc., and four retail stores that trade as “The Peanut Shop”. The manufacturing facility processes extra-large Virginia peanuts and premium cashews that it packs in vacuum-sealed tins and other containers for its own retail stores, for sale to other retailers and for direct marketing to consumers through its seasonal retail catalogs. In addition, Williamsburg also packs, under its label, other specialty products, such as pistachios, cashews and soups, and purchases for resale related peanut products including candy and peanut butter. All of these products are marketed under “The Peanut Shop of Williamsburg” label to specialty customers throughout the United States. Williamsburg Foods and The Peanut Shop were acquired in late 1986.

Business Line
Holding company whose subsidiaries are engaged in the manufacture and distribution of specialty food products and farm supplies in the United States
Subsidiary

Advisor
PRICEWATERHOUSECOOPERS LLP
IPO date
9/19/2000
US SIC Code
2013
Company Address
311, County Street

City province or state postal code
23704, PORTSMOUTH, VA
Phone: +1 757 399 3100
Fax: +1 757 399 0916
Country address: UNITED STATES OF AMERICA
Website url: www.smithfield-companies.com