Smithfield Romania, a division of the $15 billion global food company Smithfield Foods Inc., announced that it has finalized a $60 million loan from the International Finance Corporation (IFC). The funds will be used to restructure the company’s debt, support the company’s strategic expansion and growth plan through increased capacity and employment, and to promote best farming and production practices in the country.

 

Smithfield Romania is a part of Smithfield Foods International Division, a leading pork producer and processor in Europe. Its parent company, Smithfield Foods Inc., is the largest pork processor and hog producer in the world, with 13 popular meat category brands in the U.S. and six top meat brands in Europe.

 

“Today’s announcement is a wonderful development for Smithfield Romania” says C. Larry Pope, Smithfield’s president and chief executive officer, “because the IFC loan will not only help promote greater production and job creation, but it will also enhance the company’s ability to improve its sustainability program to meet the ever-changing needs and demands of its customers and consumers.”

 

Demand for pork remains high both in Romania and globally, with pork accounting for half of all protein consumption in the country.

 

Smithfield Romania is dedicated to use the funds to also continue the application of best practices in regard to the company’s environmental, food safety, and animal welfare and care systems.

 

“The Smithfield Foods global family understands the value of integrating sustainability into every aspect of our business,” said Dennis Treacy, Smithfield’s executive vice president and chief sustainability officer, “”We all have a responsibility to the environment, our employees, our animals and our communities to never settle for what works well today.”

 

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