Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, March 4, 2013

IFC lends $40 million to Mexico's Norson to boost pork production, (NYSE: SFD)

The World Bank's private-sector lender said on Monday it will lend $40 million to Norson, a joint venture in Mexico of local investors and the world's largest pork processor Smithfield Foods, to expand production and cut greenhouse gas emissions at its plants. The International Finance Corp (IFC) said the loan will help Norson Holdings increase production, processing and cold storage over the next four years. The company will also install plastic liners at its waste facilities.IFC also said it was working with Norson to look at ways to turn methane into electricity."This partnership supports food security by promoting agriculture productivity, rural employment, and environmental and social standards," said Jin-Yong Cai, IFC executive vice president and chief executive.

Smithfield Foods, Inc. produces and markets a variety of fresh meat and packaged meats products both domestically and internationally. Shares of SFD fell by 0.04% or $-0.01/share to $22.53. In the past year, the shares have traded as low as $17.55 and as high as $24.00. On average, 1756860 shares of SFD exchange hands on a given day and today's volume is recorded at 1783839.