By Patrick Thomas
China slowing its purchases of U.S. pork this year is dealing a smaller blow to Smithfield Foods than it would have in years past, Chief Executive Shane Smith said Tuesday.
Smith said Smithfield's exports to China make up about 3% of its total sales-lower than it was during the first Trump administration-and 13% of its total export sales. He said the company is redirecting pork toward different Asian markets, as well as its pet-food production and finding uses in other pharmaceutical items.
"Some things we started preparing for a while back is how do we use more of that material internally," he said in an interview. "We're seeing the dividends of that today."
Smith said the company has been preparing for potential trade disruptions for some time. The company has cut costs by closing or selling some facilities last year and recently cut corporate and plant employees, saving it an estimated $9 million in 2025.
Shares of Smithfield rose 6% as the largest U.S. pork company also affirmed its full-year financial outlook.
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(END) Dow Jones Newswires
April 29, 2025 14:17 ET (18:17 GMT)
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