Swift & Company
From Wikipedia, the free encyclopedia
Swift & Company, the wholly-owned operating subsidiary of privately-held Fortune 500 listed S&C Holdco 3, Inc.[1] is the world's third-largest processor of fresh beef and pork, with nearly US$10 billion in annual sales as of 2007. It is also the largest beef processor in Australia.[2]
S&C Holdco 3 in turn is held by Swift Foods Company.[2]
Swift & Company is based in Greeley, Colorado. Its competitors include Cargill, Smithfield Packing Company, and Tyson Foods. In 2007, it was acquired by JBS S.A. (Bovespa:JBSS3).[2]
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[edit] History
The meat packaging company was founded in 1855 by Gustavus Franklin Swift.[2]
[edit] Recent difficulties
In December 2006, six of the company’s meat-packing facilities in Colorado, Nebraska, Texas, Utah, Iowa, and Minnesota were raided by U.S. Immigration and Customs Enforcement officials, resulting in the apprehension of 1,282 illegal immigrants from Mexico, Guatemala, Honduras, El Salvador, Peru, Laos, Sudan, and Ethiopia, and nearly 200 of them criminally charged after a ten month investigation into identity theft.[3]
Up until early 2007, Swift & Company was owned by HM Capital Partners LLC, a leading, Dallas-based private equity firm, and Booth Creek Management Corporation.[2]
On July 12, 2007 those owners sold Swift & Company to JBS S.A. the largest beef processor in South America and one of the largest worldwide beef exporters, in a US$1.5 billion all-cash deal. The acquisition makes the newly consolidated JBS Swift Group the largest beef processor in the world. Prior to the deal JBS had market capitalization of US$4.2 billion and sales revenue of $2.1 billion, and operated in 23 plants in Brazil and 5 in Argentina.[2]
On July 11, 2007 The Swift companies had also completed several tender offers and consent solicitations for financing notes. These included 10⅛% Senior Notes due 2009 and 12½% Senior Subordinated Notes due January 1, 2010 both issued by Swift & Company, 11% Senior Notes due 2010 issued by S&C Holdco 3 and 10¼% Convertible Senior Subordinated Notes due 2010 issued by Swift Foods Company.[2]
[edit] See also
- KD Station, a former Swift & Company plant.
[edit] References
- ^ S&C Holdco 3 Inc · 8-K · For 6/20/07, SECInfo, Filed On 6/25/07, SEC File 333-100717-06, Accession Number 950134-7-14015
- ^ a b c d e f g JBS S.A. Completes Acquisition of Swift & Company, In Food Service Infusion News, PRNewswire, GREELEY, Colo., July 12, 2007
- ^ Immigrations and Customs Enforcement raids Swift & Co. plants in six states
[edit] External links
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