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<SEC-DOCUMENT>0000091388-09-000009.txt : 20090217
<SEC-HEADER>0000091388-09-000009.hdr.sgml : 20090216
<ACCEPTANCE-DATETIME>20090217094555
ACCESSION NUMBER:		0000091388-09-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20090217
ITEM INFORMATION:		Cost Associated with Exit or Disposal Activities
ITEM INFORMATION:		Material Impairments
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090217
DATE AS OF CHANGE:		20090217

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SMITHFIELD FOODS INC
		CENTRAL INDEX KEY:			0000091388
		STANDARD INDUSTRIAL CLASSIFICATION:	MEAT PACKING PLANTS [2011]
		IRS NUMBER:				520845861
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0427

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15321
		FILM NUMBER:		09607607

	BUSINESS ADDRESS:	
		STREET 1:		200 COMMERCE STREET
		STREET 2:		EXECUTIVE OFFICE BUILDING
		CITY:			SMITHFIELD
		STATE:			VA
		ZIP:			23430
		BUSINESS PHONE:		7573653000

	MAIL ADDRESS:	
		STREET 1:		200 COMMERCE STREET
		STREET 2:		EXECUTIVE OFFICE BUILDING
		CITY:			SMITHFIELD
		STATE:			VA
		ZIP:			23430

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY EQUITIES CORP
		DATE OF NAME CHANGE:	19710221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LIBERTY REAL ESTATE TRUST
		DATE OF NAME CHANGE:	19661113
</SEC-HEADER>
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STATES</font></div>
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AND EXCHANGE COMMISSION</font></div>
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DC&#160;20549</font></div>
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8-K</font></div>
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REPORT</font></div>
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to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date
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    2009</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (<font style="DISPLAY: inline; FONT-STYLE: italic">see </font>General
Instruction A.2. below):</font></div>
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      communications pursuant to Rule 425 under the Securities Act (17 CFR
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline;" face="Wingdings">o</font></font></div>
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            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      2.05</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Costs
      Associated with Exit or Disposal
Activities.</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
February 17, 2009, Smithfield Foods, Inc. (&#8220;Smithfield&#8221; or the &#8220;Company&#8221;) issued
press releases announcing a plan to consolidate and streamline the corporate
structure and manufacturing operations of its pork group.&#160;&#160;This
restructuring is intended to make the Company more competitive by improving
operating efficiencies and increasing plant utilization.&#160;&#160;The plan
includes the following primary initiatives:</font></div>
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    <div>
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              <div><font style="DISPLAY: inline; FONT-SIZE: 10pt;" face="Wingdings">&#167;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
      closing of six plants and transfer of production to more efficient
      facilities;</font></div>
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      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 108pt">
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            </td>
            <td>
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      reduction in the number of operating companies in the pork group from
      seven to three;</font></div>
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      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 108pt">
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            </td>
            <td>
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      merger of the fresh pork sales forces of the John Morrell and Farmland
      Foods business units; and</font></div>
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          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 108pt">
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            </td>
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      consolidation of the international sales organizations that are
      responsible for exports of several operating companies into one
      group.</font></div>
            </td>
          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company expects to achieve a net reduction of approximately 1,800 jobs in the
pork group as a result of the restructuring.</font></div>
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Company anticipates recording pre-tax charges of approximately $115 million over
the course of the initiatives, which the Company expects to substantially
complete by the end of the third quarter of fiscal 2010.&#160;&#160;These
charges are comprised of an estimated $73 million of non-cash asset impairments
related to the plant closings; $18 million of severance, relocation and related
benefits; and $24 million of other cash costs related to plant consolidation and
asset disposal.&#160;&#160;The Company anticipates recording approximately $85
million of the charges in the third quarter of fiscal 2009, while substantially
all of the remaining charges will be recognized over the remainder of fiscal
2009 and the first half of fiscal 2010.&#160;&#160;In addition, the Company
expects to incur $53 million in capital expenditures related to the plant
consolidations over the remainder of fiscal 2009 and the first half of fiscal
2010.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Management
committed to this restructuring plan on February 16, 2009.&#160;&#160;The
decision to recognize the asset impairment charge in the third quarter of fiscal
2009 was made in connection with the preparation of the financial statements for
such fiscal quarter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Additional
information regarding this restructuring is included in the February 17, 2009
press releases attached hereto as Exhibits 99.1 and 99.2.&#160;&#160;The
information contained in Exhibit 99.2 under the caption &#8220;Plant Closings&#8221; is
incorporated herein by reference.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <td>
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      Impairments.</font></div>
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            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      information set forth in Item 2.05 is incorporated by reference into this
      Item 2.06.</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      9.01</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 72pt"></font>(d) Exhibits</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press
release, dated February 17, 2009, announcing the Registrant&#8217;s restructuring of
its pork group.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 72pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.2&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press
release, dated February 17, 2009, announcing additional details regarding the
Registrant&#8217;s restructuring of its pork group.</font></div><br>
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</font></div>
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Statement Regarding Forward-Looking Statements</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certain
statements in this report are forward-looking as defined by the Private
Securities Litigation Reform Act of 1995. These include statements as to the
timing of the restructuring initiatives and the estimated amount of related
charges and expenses.&#160;&#160;Such forward-looking statements are based on
facts and conditions as they exist at the time such statements are made as well
as predictions as to future facts and conditions the accurate prediction of
which may be difficult and involve the assessment of events beyond the control
of the Company. Actual future results may differ materially from those described
in the forward-looking statements depending on a variety of factors including,
but not limited to, the risks and uncertainties detailed in the Company&#8217;s
reports filed with or furnished to the Securities and Exchange Commission from
time to time, including the &#8220;Risk Factors&#8221; sections of the Company&#8217;s Annual
Report on Form 10-K for fiscal 2008 and the subsequent Quarterly Reports on Form
10-Q. There can be no assurance that other factors not currently anticipated by
the Company will not materially and adversely affect future events. Viewers of
this report are cautioned to consider these risks and uncertainties and not to
place undue reliance on the forward-looking statements.&#160;&#160;The Company
does not undertake any obligation to update any forward-looking statement,
whether written or oral, relating to matters discussed in this
report.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: darkgray" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td align="left" valign="middle" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" colspan="2" valign="middle" width="43%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">SMITHFIELD
      FOODS, INC.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="middle" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="middle" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="middle" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
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              <td align="left" valign="middle" width="43%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:
      February 17, 2009</font></div>
              </td>
              <td align="left" valign="middle" width="22%" style="BORDER-BOTTOM: black 1px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Michael H. Cole</font></div>
              </td>
              <td align="left" valign="top" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" colspan="2" valign="middle" width="43%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Michael
      H. Cole</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="middle" width="43%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" colspan="2" valign="middle" width="43%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Vice
      President, Chief Legal Officer and
Secretary</font></div>
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: darkgray" noshade size="2">
        </div>
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</font></div>
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INDEX</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      99.1</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      release, dated February 17, 2009, announcing the Registrant&#8217;s
      restructuring of its pork group.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
      99.2</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      release, dated February 17, 2009, announcing additional details regarding
      the Registrant&#8217;s restructuring of its pork
  group.</font></div>
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          </tr>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
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    <div>&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; COLOR: red; FONT-FAMILY: Arial">FOR
IMMEDIATE RELEASE</font><br></font><br></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Contact:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Jerry
Hostetter</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Keira
Ullrich</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Smithfield
Foods, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">(212)
758-2100</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: blue; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: blue; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">jerryhostetter@smithfieldfoods.com</font></font></font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: blue; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: blue; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: blue; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">keiraullrich@smithfieldfoods.com</font></font></font></font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">Smithfield
Foods Announces Pork Group Restructuring Plan</font></div>
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    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 12pt;" face="Symbol">&#183;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Restructuring
      plan for pork group estimated to result in $125 million in annual cost
      savings by fiscal 2011.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 12pt;" face="Symbol">&#183;&#160;</font>&#160;</font></div>
            </td>
            <td>
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      to reduce number of independent operating companies to three from
      seven.</font></div>
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      to merge fresh pork sales into two cost-effective sales
      groups.</font></div>
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      plant closures and various other restructuring initiatives to create
      significant synergies, particularly in high-margin packaged meats
      businesses.</font></div>
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Virginia (February 17, 2009)&#8212;Smithfield Foods, Inc. (NYSE: SFD) announced today
a plan to consolidate and streamline the corporate structure and manufacturing
operations of its pork group to improve operating efficiencies and increase
utilization.&#160;The company expects the restructuring plan will result in
annual cost savings after applicable restructuring expenses of approximately $55
million in fiscal 2010 and $125 million by fiscal 2011.</font></div>
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Foods said that the pork group&#8217;s new business model will enhance the strength of
its independent operating company approach, while rationalizing manufacturing
operations and taking advantage of synergies in key overhead areas such as
sales, marketing, purchasing and information technology.</font></div>
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plan will create true synergies between our independent operating companies and
produce more opportunities to improve the bottom line in the future,&#8221; said C.
Larry Pope, president and chief executive officer.&#160;&#8220;Combined with the
several plant closures we have made over the last three years, this
restructuring should improve operating rates dramatically, allowing us to shed
low-margin business,&#8221; he said.</font></div>
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connection with the plan, the company anticipates recording a pre-tax charge,
principally related to non-cash asset write-downs, of approximately $85 million
in its third fiscal quarter ended February 1.&#160;In addition, Smithfield Foods
expects to record one-time pre-tax charges of approximately $30 million as the
plan is implemented over the next three quarters.&#160;The company estimates
that $53 million in capital expenditures will be required relative to plant
consolidations in the remainder of fiscal 2009 and in fiscal 2010.&#160;Total
capital expenditures are expected to remain below depreciation in this fiscal
year and next.</font></div><br>
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includes the following actions at various operating units:</font></div>
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      Foods will reduce the number of independent operating companies in the
      pork group to three from seven.&#160;Four existing independent operating
      companies will be combined under the various business units of The
      Smithfield Packing Company, Inc., John Morrell &amp; Co. and Farmland
      Foods, Inc.</font></div>
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      Morrell and Farmland Foods will merge their respective fresh pork sales
      forces.&#160;This consolidation will enable the company to serve customers
      with two highly competitive sales groups, Smithfield Packing Company in
      the East and Farmland Foods in the Midwest and
  West.</font></div>
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      Cudahy, Inc., a producer of bacon, dry sausages, hams and other specialty
      packaged meats, will become part of the John Morrell
  Group.</font></div>
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      Foods, a unit of Farmland Foods producing Italian deli and specialty
      meats, also will be combined with the John Morrell Group.&#160;The
      addition of Carando and Patrick Cudahy to the John Morrell Group, which
      includes Armour-Eckrich Meats, LLC and Curly's Foods, Inc., will leverage
      the efficiencies of the packaged meats companies&#8217; manufacturing and
      marketing platforms.</font></div>
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      Foods will strengthen its foodservice business with the assimilation of
      North Side Foods Corp., a large supplier to the quick service restaurant
      industry.</font></div>
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    <div>
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            <td align="right" style="WIDTH: 36pt">
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      Gap Provision Co., a unit of the John Morrell Group and producer of hams,
      sausages and other specialty packaged meats, will integrate with
      Smithfield Packing Company.</font></div>
            </td>
          </tr>
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    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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      international sales organizations that are responsible for exports of
      several independent operating companies will be consolidated into one
      group to form Smithfield Foods International Group, providing one face to
      overseas markets and reducing selling, general and administrative
      expense.&#160;This consolidation already is underway and has yielded
      positive results.</font></div>
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    <div>
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      Foods will close six plants and transfer production to more efficient
      facilities, increasing their utilization rates.&#160;These plants are
      expected to be closed by December
2009.</font></div>
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      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
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very excited about this restructuring plan.&#160;The plan will better align the
company by enhancing operating efficiencies and increasing utilization rates to
reduce our overall manufacturing and overhead structures, which will make
Smithfield Foods a more competitive company,&#8221; said Mr. Pope.&#160;&#8220;Previously,
the company&#8217;s overall focus has been on growth based on opportunistic
acquisitions of high-quality companies at distressed prices.&#160;Now we want to
fully assimilate and integrate these enterprises, driving operating efficiencies
and growing our high-margin packaged meats business,&#8221; Mr. Pope continued. &#8220;The
restructuring marks a historic step forward for the company, as we turn our
attention to the future.&#160;We expect to be a stronger, more profitable
company.&#8221;</font></div><br>
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said that, beginning in the first quarter of fiscal 2010, investors will be able
to track packaged meats performance, as the company will begin reporting
separate metrics for that component of the business.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#8220;After a
careful and thorough analysis of our pork businesses, we have concluded that the
consolidation of our independent operating companies into three strong, market-
driven companies with highly-competitive and powerful regional brands will best
serve the needs of our customers, employees and other key stakeholders,&#8221; said
George H. Richter, president and chief operating officer of the company&#8217;s pork
group. &#8220;This new business model will allow us to focus on maximizing operating,
marketing, financial and logistical synergies that will enable us to better meet
the needs of our retail, foodservice and international customers who do business
with multiple Smithfield Foods companies,&#8221; continued Mr. Richter.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">As a
result of the restructuring plan, the company expects to achieve a net reduction
of approximately 1,800 jobs in the pork group.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Company
Amends Credit Facilities</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Separately,
Mr. Pope noted that Smithfield Foods has entered into amendments of its United
States and European credit facilities. The company disclosed the two separate
credit facility amendments on reports on Form 8-K filed with the U.S. Securities
and Exchange Commission on February 6 and February 13.&#160;He said that the
amendments provide, among other things, for a reduction of the applicable
interest coverage ratio for specified periods through the third quarter of
fiscal 2010.</font></div>
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amendments are very positive developments, for they provide the company with
sufficient time and financial flexibility to bridge the current hog cycle and
uncertain economic environment,&#8221; said Mr. Pope.&#160;&#8220;This action should remove
any question about the financial strength of Smithfield Foods.&#160;We have
eliminated a major distraction, allowing our management team to focus full time
on the restructuring plan and running the business.&#8221;</font></div>
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sales of $12 billion, Smithfield Foods is the leading processor and marketer of
fresh pork and packaged meats in the United States, as well as the largest
producer of hogs. For more information, visit <font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: blue; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">www.smithfieldfoods.com</font>.</font></div><br>
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release contains "forward-looking" statements within the meaning of the federal
securities laws. The forward-looking statements includes statements concerning
the Company's outlook for the future, as well as other statements of beliefs,
future plans and strategies or anticipated events, and similar expressions
concerning matters that are not historical facts. The Company's forward-looking
information and statements are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed in, or implied
by, the statements. These risks and uncertainties include the availability and
prices of live hogs and cattle, raw materials, fuel and supplies, food safety,
livestock disease, live hog production costs, product pricing, the competitive
environment and related market conditions, hedging risk, operating efficiencies,
changes in interest rate and foreign currency exchange rates, access to capital,
the investment performance of the Company's pension plan assets and the
availability of legislative funding relief, the cost of compliance with
environmental and health standards, adverse results from on-going litigation,
actions of domestic and foreign governments, labor relations issues, credit
exposure to large customers, the ability to make effective acquisitions and
successfully integrate newly acquired businesses into existing operations and
other risks and uncertainties described in the Company's Annual Report on Form
10-K for fiscal 2008 and in its subsequent Quarterly Report on Form 10-Q.
Readers are cautioned not to place undue reliance on forward-looking statements
because actual results may differ materially from those expressed in, or implied
by, the statements. Any forward-looking statement that the Company makes speaks
only as of the date of such statement, and the Company undertakes no obligation
to update any forward-looking statements, whether as a result of new
information, future events or otherwise. Comparisons of results for current and
any prior periods are not intended to express any future trends or indications
of future performance, unless expressed as such, and should only be viewed as
historical data.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Contact:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Keira
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758-2100</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">Smithfield&#160;Foods
Announces Details of</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">Pork
Group Restructuring Plan</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Smithfield,
Virginia (February 17, 2009)&#8212;Smithfield Foods, Inc. (NYSE: SFD) today released
additional details of a restructuring plan that will consolidate and streamline
the corporate structure and manufacturing operations of its pork group and make
the company more competitive.&#160;The plan will improve operating efficiencies
and increase utilization.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Reorganization</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">As part
of the plan, a reorganization will consolidate several business
units:</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">John
      Morrell &amp; Co. and Farmland Foods, Inc. will merge their respective
      fresh pork sales groups.&#160;Some members of the John Morrell sales group
      will be offered positions at Farmland Foods in Kansas City, Missouri or
      elsewhere within the Smithfield Foods
  organization.</font></div>
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      Cudahy, Inc. will become part of the John Morrell Group.&#160;Plant
      employees will not be impacted at this
time.</font></div>
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          </tr>
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      Foods, currently a unit of Farmland Foods, also will become part of the
      John Morrell Group.&#160;Employees will not be impacted at this
      time.</font></div>
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      </table>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">North
      Side Foods Corp. will become a part of Farmland Foods.&#160;Plant
      employees will not be impacted at this
time.</font></div>
            </td>
          </tr>
      </table>
    </div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Cumberland
      Gap Provision Co., a unit of the John Morrell Group, will become part of
      The Smithfield Packing Company, Inc.&#160;Production from other Smithfield
      Packing Company facilities will be transferred to Cumberland Gap&#160;and
      employment there is expected to increase over
  time.</font></div>
            </td>
          </tr>
      </table>
    </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Plant
Closings</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Smithfield
Foods will close six plants and transfer production to other
facilities.</font></div><br>
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</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Wherever
possible, Smithfield Foods will offer transfers to other company facilities to
an undetermined number of employees.&#160;The company will work with employees
and union officials, where applicable, to determine what assistance may be
provided to affected employees to find future employment.&#160;Potential options
include working and coordinating with area businesses and services to help find
local opportunities for employees as well as coordinating with unemployment
offices to assist employees with claims or job applications.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
company will comply with the federal Worker Adjustment and Retraining
Notification Act (WARN), including providing a 60-day notification of plant
closures to employees.&#160;Under the WARN Act, the company also will notify
state dislocated worker units so that they can promptly offer dislocated worker
assistance.&#160;WARN Act notices, where appropriate, are being issued
today.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
      Smithfield Packing Company South facility in Smithfield, Virginia will be
      closed.&#160;Case ready fresh pork production will be moved to the
      adjacent Smithfield North plant and a North Carolina facility, creating
      significant operating efficiencies.&#160;Of the 1,375 Smithfield South
      employees, 1,035 will be offered transfers; 745 of those employees will be
      offered transfers to move to Smithfield North and the others will have the
      opportunity to move to Smithfield Packing Company plants in North
      Carolina.&#160;The plant is scheduled to close in
  December.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">A
      Plant City, Florida facility producing packaged meats will close in
      September, affecting 760 Smithfield Packing Company employees.&#160;A
      number of salaried employees will be offered
  transfers.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">The
      Smithfield Packing Company plant in Elon, North Carolina will close late
      in the summer and country ham production there will cease.&#160;About 160
      employees will be affected.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">A
      John Morrell plant in&#160;Great Bend, Kansas, with 275 employees, will
      close in July.&#160;The plant processes fresh pork and smoked
      meats.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
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              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
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      Foods will close its New Riegel, Ohio plant.&#160;The plant will be
      shifting spiral ham production to other facilities and closing in
      April.&#160;About 230 employees will be affected.&#160;The company will
      offer transfers to other facilities to some salaried
      employees.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 12pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">An
      Armour-Eckrich Meats, LLC packaged meats plant in Hastings, Nebraska will
      close in July, affecting about 370
employees.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#8220;Layoffs
and plant closings are difficult but necessary decisions,&#8221; said C. Larry Pope,
president and chief executive officer.&#160;&#8220;We know that this will create
adversity for the employees affected and we will work with union officials and
others to determine how we can provide assistance to our employees to find
future employment.&#160;Also, we will be transferring many employees to other
plants.&#8221;</font></div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">With
sales of $12 billion, Smithfield Foods is the leading processor and marketer of
fresh pork and packaged meats in the United States, as well as the largest
producer of hogs. For more information, visit <font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: blue; FONT-FAMILY: Times New Roman; TEXT-DECORATION: underline">www.smithfieldfoods.com</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">This news
release contains "forward-looking" statements within the meaning of the federal
securities laws. The forward-looking statements includes statements concerning
the Company's outlook for the future, as well as other statements of beliefs,
future plans and strategies or anticipated events, and similar expressions
concerning matters that are not historical facts. The Company's forward-looking
information and statements are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed in, or implied
by, the statements. These risks and uncertainties include the availability and
prices of live hogs and cattle, raw materials, fuel and supplies, food safety,
livestock disease, live hog production costs, product pricing, the competitive
environment and related market conditions, hedging risk, operating efficiencies,
changes in interest rate and foreign currency exchange rates, access to capital,
the investment performance of the Company's pension plan assets and the
availability of legislative funding relief, the cost of compliance with
environmental and health standards, adverse results from on-going litigation,
actions of domestic and foreign governments, labor relations issues, credit
exposure to large customers, the ability to make effective acquisitions and
successfully integrate newly acquired businesses into existing operations and
other risks and uncertainties described in the Company's Annual Report on Form
10-K for fiscal 2008 and in its subsequent Quarterly Report on Form 10-Q.
Readers are cautioned not to place undue reliance on forward-looking statements
because actual results may differ materially from those expressed in, or implied
by, the statements. Any forward-looking statement that the Company makes speaks
only as of the date of such statement, and the Company undertakes no obligation
to update any forward-looking statements, whether as a result of new
information, future events or otherwise. Comparisons of results for current and
any prior periods are not intended to express any future trends or indications
of future performance, unless expressed as such, and should only be viewed as
historical data.</font></div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
