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OK beef plant plannedSmithfield, ContiGroup agree to build $200 million beef plant OKLAHOMA CITY (AP)--Smithfield Foods Inc., Oct. 18 announced a joint agreement with ContiGroup Cos., a holding company for meat producers, to build a $200 million beef processing facility in the Oklahoma Panhandle expected to bring more than 2,500 jobs to the region. Smithfield Beef Group, a Smithfield subsidiary and one of the nation's largest beef processors, reached an agreement in principle for a joint venture to build the 650,000-square-foot plant in Hooker, about 20 miles northeast of Guymon in Texas County. Construction on the facility is expected to begin in January 2007, with a targeted completion date in mid-2008. The plant is expected to process 5,000 cattle per day at full capacity. "We expect to source cattle for the plant from the plentiful nearby supply of livestock, including the surrounding Five Rivers feedyards, which we believe will save considerable transportation expense," Richard V. Vesta, president and chief executive officer of Smithfield Beef Group, said in a statement. "Access to these cattle also will be valuable in terms of traceability, an increasingly important issue in the United States and in export markets." Smithfield, Va.-based Smithfield Foods is the world's largest pork processor. Date: 10/26/06
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