Meat + Poultry - July 2010 - 42

CEO Series

How Smithfield sails
in a volatile sea
CFO Bo Manly: "Let the fundamental markets work"
BY STEVE BJERKLIE
meatpoultry@sosland.com

Smithfi eld Foods continues to be one
of the most intriguing, compelling yet
tough-minded companies in the U.S.
meat industry. Aggressive growth -
Smithfi eld's chief feature for several

Food and Commercial Workers have
been, according to reports, smooth, almost cordial. While the global economic
downturn has dampened the market for
Smithfield's high-end ham products, it
has helped spur new growth in valuepriced luncheon meats. With its operations reaching deeply into livestock
production, packing and processing,

"If the current
trends continue
and the export
markets remain
open, I believe we
could have a much
improved year in
fiscal 2011."

Manly
years - has slowed as a result of difficult livestock and export markets. The
long, bitterly contentious battle over
union representation at the company's
Tar Heel, N.C., plant finally came to
an end last year, yet contract negotiations after the victory by the United

Smithfield endures bumpy rides in some
quarters of its business while enjoying
smooth sailing in others.
A long-time veteran of the pork
industry, Robert M. "Bo" Manly returned to Smithfi eld Foods in 2006
as executive vice president and CFO
after having been president at Premium Standard Farms for the previous 10 years. Prior to his tenure at
PSF, he was executive vice president
at Smithfield Foods and also president

42 * Meat&Poultry * July 2010 * www.MeatPoultry.com

and COO of the subsidiary Smithfield
Packing. In his current post, he oversees Smithfield's vast and complex fi nancials as well as the company's international operations. In between trips
abroad, Manly discussed the state of his
company and the industry as a whole
with Meat&Poultry in an exclusive
interview.
Meat&Poultry: What's your assessment of the state of Smithfield Foods
right now? Financially, is 2010 shaping up to be a good year for the company or will Smithfield struggle in a
difficult economy?
Robert Manly: Our biggest obstacle
for the past two years has been the lack
of profitability in our hog production
segment. As of the third quarter, those
losses have substantially diminished
and the futures markets are trending
favorably for us. Looking forward to
fiscal 2011, hog production should be
dramatically improved year over year
and pork results should be very solid,
owing to the restructuring plan that
will be complete. If the current trends
continue and the export markets remain open, I believe we could have a
much improved year in fiscal 2011.


http://www.MeatPoultry.com

Table of Contents for the Digital Edition of Meat + Poultry - July 2010

Contents
Meat + Poultry - July 2010 - 1
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