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Larry Pope

Smithfield Snags Top NASCAR Sponsorship

As it continues to expand its footprint in the world of packaged foods, Smithfield Foods has made its NASCAR sponsorship a key component of its growth plans.Even before it was taken private last year by China's Shuanghui International Holdings, Smithfield embarked on an effort to lessen its exposure to fluctuating commodity prices and ramp up its packaged-foods business.The move brought the Virginia-based company into eyeing greater competition with the likes of Hormel Foods (NASDAQ:HRL) and Kraft Foods (NASDAQ:KRFT).Under CEO C. Larry Pope, a racing aficionado whose father sold Fords (NYSE:F) for a living, the world's largest pork producer became the primary sponsor for Richard Petty Motorsports for 15 races. Last year, Smithfield expanded the deal to 25 events.Now Smithfield is going all-in, extending its sponsorship of the No. 43 car to 29 races through 2016 and increasing its investment in Richard Petty Motorsports by 50% each of the next three years.At a news conference Wednesday ...

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  1. Smithfield Takeover Scores National-Security Approval

    Shares of Smithfield Foods (NYSE:SFD) ticked almost 1% higher Monday morning after China's Shuanghui International won national-security clearance to take over the w...

  2. Smithfield Profit Falls 36%

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  3. Senate committee to examine Smithfield-Shuanghui deal

    The proposed purchase of Smithfield Foods the world's largest pork processor, by Shuanghui International of China will be examined at a July 10 hearing of the Senate...

  4. Smithfield CEO Could Get Hefty Payday from Shuanghui Deal

    Smithfield Foods Inc Chief Executive Larry Pope could receive nearly $46.6 million in merger-related payments as part of a planned takeover by China's Shuanghui Inte...

  5. Smithfield Suffers 63% Plunge in 4Q Profits

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  6. Smithfield profit plunges on drop in exports

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  7. China Inc's Smithfield bid expected to pass Washington test

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