Smithfield Foods CEO Sees Hog Sector 'Inflection'

The head of Smithfield Foods Inc. (SFD) said Tuesday the U.S. hog industry is stepping back from near-extinction as production cuts counter a glut of pork.

Larry Pope, president and CEO of the largest U.S. hog and pork products producer, said the industry still remained in danger of bankruptcy after taking multiple hits from high feed costs and demand weakened by its association with the H1N1 virus, popularly known as swine flu.

Smithfield reported a fiscal first-quarter loss amid a welter of special charges to close farms, but Pope said on a conference call that the sector had reached "an inflection point."

Read Full Article from CNNMoney.com

- Posted: 2009-09-08 10:40:11

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