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Article Posted: 05/07/2007 9:37:36 AM
NFU: Smithfield-Premium Merger Harmful to Rural America
The Justice Department today announced their approval of plans by Smithfield Foods Inc. to purchase Premium Standard Farms Inc.
National Farmers Union President Tom Buis made the following statement.
“I am very disappointed at today’s Justice Department decision. The Smithfield-Premium Standard Farms merger will further concentration in the livestock industry, while lessening competition. The move will leave both consumers and independent livestock producers at a disadvantage.
“NFU recently released a study that revealed troubling trends in agriculture. The top four beef packers dominate 83.5 percent of the market, four pork packers control 66 percent of that market and the top four poultry companies process 58.5 percent of the broilers in the United States.
“It is imperative that livestock markets operate in a free, fair and transparent manner. This merger will force independent producers out of business and consumers will, ultimately, lose.”
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