Smithfield jv receives $40M for expansion
WASHINGTON – Norsen Holding, a leading pork producer and processor in Mexico, will receive $40 million to expand its operations. Norsen Holding is a joint venture between Smithfield, Va.-based Smithfield Foods Inc. and a group of investors.
Sonora, Mexico-based Norsen plans to expand its processing, production and cold storage capacity over the next four years. IFC, the lender, will work with Norsen to utilize methane produced at the production facilities for electricity generation and use solar power in the processing operations.
“This partnership supports food security by promoting agriculture productivity, rural employment, and environmental and social standards,” said Jin-Yong Cai, IFC executive vice president and CEO. IFC is a member of the World Bank Group. The company more than doubled its agriculture-related investments to $4.2 billion in fiscal year 2012.
“We see opportunities for expansion in meeting growing demand for protein, both locally and in new export markets. Investments in environmental protection, animal care, and farm productivity enhance our competitive edge,” said C. Larry Pope, Smithfield Foods president and CEO.