Attached files
Exhibit 99.1
PRESS RELEASE
Seaboard Foods and Triumph Foods announce plans to build new pork
processing plant
Sioux City, Iowa (May 14, 2015) - Seaboard Foods and Triumph Foods
announced today the formation of a joint venture, with equal ownership, to
construct a new pork processing facility in Sioux City, Iowa, with site
work expected to begin this summer and construction completed by July 2017.
The plant is expected to process about 3 million market hogs annually
operating a single shift and employ approximately 1,100 persons, including
approximately 200 salaried positions and 900 hourly production positions.
The plant will be built on property in the Bridgeport West Industrial
Park in Sioux City, located north of the Sioux Gateway Airport along the
Missouri River.
A full line of fresh pork products for international, retail, food service,
and further processing markets will be produced. Seaboard Foods will market
and sell the pork produced by the plant. Currently, Seaboard Foods markets
and sells fresh pork processed by Triumph Foods' St. Joseph, Mo., and
Seaboard Foods, Guymon, Okla., plants to domestic markets under the
PrairieFresh Premium Pork brand and international markets under the
Seaboard Farms and St. Joe Pork brands.
"Today's announcement marks another step in strengthening our business
partnership and position as a leading integrated food system providing
customers domestically and throughout the world with premium pork focused
on the highest standards for food safety and pork quality consistency,"
says Terry Holton, Seaboard Foods president and CEO. "We look forward to
the new opportunities the plant will bring to our customers as well as the
Sioux City region."
Mark Campbell, Triumph Foods CEO, adds, "When we started inquiring about
expanding our business, we recognized the strong commitment and willingness
to welcome Triumph Foods and Seaboard Foods to the City. Local leaders have
built a business environment poised to bring growth to the region. We look
forward to the new pork processing facility being part of that growth, and
its staff being actively involved in the Sioux City community."
Triumph Foods is owned exclusively by pork producers and Seaboard Foods is
a wholly-owned subsidiary of Seaboard Corporation (NYSE MKT: "SEB").
Triumph Foods and Seaboard Foods are integrated food companies, with farm
operations and pork processing, controlling the entire process every step
of the way from before the farm to the plate. Together, Seaboard Foods and
Triumph Foods have aligned their farm operations and pork processing,
including genetics, pig nutrition, animal care, food safety and product
quality, to ensure consistent, wholesome premium pork products to its
customers. If the two companies were considered as a single combined
entity, they would comprise the second largest hog producer, a top 5 U.S.
pork processor, and a leading exporter of U.S. pork.
In addition to the new plant, Seaboard Foods and Triumph Foods own Daily's
Premium Meats that has bacon processing plants in Salt Lake City, Utah and
Missoula, Montana, and a third plant under construction in St. Joseph,
Missouri. Daily's markets and sells a variety of processed pork items from
signature honey cured bacon to applewood smoked bacon to naturally smoked
hams to breakfast sausages. The new pork processing plant will supply raw
materials for Daily's operations in addition to the Guymon and St. Joseph
plants.
Sioux City was selected because of the existence of a shovel-ready
industrial site location, transportation infrastructure, availability of
market hogs in the region, and the pro-business
environment city leaders, the Iowa Economic Development Authority and the
State of Iowa demonstrated throughout the site selection process.
Both Seaboard Foods and Triumph Foods share a strong commitment to
stewardship and community involvement. Focused on being good neighbors, the
pork processing facility will include a modern architecture design,
customized landscaping for beautification and buffering from neighbors, and
modern odor abatement technologies, as well as other environmentally
friendly design features. Also, Triumph Foods and Seaboard Foods have made
a commitment for the plant to support local civic and charitable
organizations and community events.
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