Posted on 01/24/2007 9:19:44 AM PST by Rakkasan1
Greeley-based Swift & Co. says it will consider a sale, merger or IPO after unnamed suitors approached the giant meatpacker. Swift, at more than $9 billion in revenue, is one of the nation's biggest private companies. It was part of ConAgra until the Omaha-based agri-giant sold it in 2002 to a partnership between buyout firm HM Capital - formerly Hicks, Muse, Tate & Furst - and George Gillett's Booth Creek. Gillett serves as Swift's chairman. Over the five years of ownership, Swift has dealt with a Japanese beef ban that crimped sales and prompted layoffs, as well as a raid late last year from U.S. Immigration and Customs Enforcement. Net income of about $40 million in the two previous years evaporated into a net loss of $129.5 million, on $9.35 billion in sales, in the year ended May 2006.
(Excerpt) Read more at rockymountainnews.com ...
Mexico should buy them.
Apparently employing illegals wasn't a path to profitability for them.
Smithfield Foods, just watch.
sure looks that way.
Net income of $40mil on revenue of $9Billion.
And the Democrats want to raise taxes.
They built a business plan based on cheap illegal labor..so they get what they deserve.
I'm sure the Conagra sold out because they couldn't compeat with other companies with illegal labor and they didn't want to go that way.
Hopefully some other of these crooks will end up being forced to change.
If you buy Swift products, you're supporting a company that is encouraging illegal immigration and wage suppression.
"Apparently employing illegals wasn't a path to profitability for them."
Definitely wasn't a swift move.
How much is that in pesos?
I am against illegals but in a free market wages can't be suppressed, at least not for long. Like any other commodity, labor attains market value.
The big attraction of illegals to employers is their work ethic. They work much harder than our homegrown laborers and as a result produce more and are worth more. Most are paid more than you think.
On the other side of the coin are the labor unions who work less, produce less, and are paid much more. Plus, through the extortion of collective bargaining and strikes, labor unions are not subject to the self-correction of the free market.
Which is best for business? Which is best for the country?
The Luters have the fix in, I don't think they could get big enough whereas the gov would bat an eye.
And the Democrats want to raise taxes.
Without looking at the whole income and lose statement for the years given it doesn't mean anything. Stop jumping the gun.
You left out the part that is passed on to the tax payers, who help support these companies low cost labor. Free medical, housing assistance, education. Now which is right and which is wrong?
Jumping the gun on what? That Democrats want to raise taxes. Go ahead and tell me I'm wrong.
I agree with you. As I said I am against illegals, period! The point I was making is a separate one. Were the work ethic of Americans better there would be less demand for other labor.
Smithfield owns John Morrell and a couple of other brands.
More than a couple of other brands my friend. JM, Premium Standard Farms, Lykes Bros, Shapiro Pack, Lundy Pack,Eckrick,Farmland Packing,Cumberland Gap and a host of smaller names.
They kill upwards of 120,000+ hogs a day translating to about 35% of the total domestic pork slaughter and they're continuing to buy them up like there's no tommorrow.
Every time I drive through Milan, Missouri, I see more and more Mexicans.
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