MILWAUKEE — The recent fire at the Patrick Cudahy Inc. plant in the Milwaukee area should not significantly hurt Smithfield’s business in fiscal 2010, the company said. Smithfield stated in a July 14 filing with the Securities and Exchange Commission it does not believe the plant fire "will have a material adverse effect on its results of operations, financial condition or liquidity in fiscal 2010," according to The Associated Press.
Wisconsin Radio Network relayed officials said on July 15 that a military flare exploded before landing on the plant’s roof July 5, which accidentally caused the devastating plant fire that took firefighters days to extinguish. Smithfield and Patrick Cudahy are still analyzing the fire damage and Smithfield plans to provide more details on the blaze in its fiscal 2010 first-quarter earnings release on Sept. 8.
Some production has resumed in undamaged areas the plant. Smithfield said it is also shifting production for Patrick Cudahy products to other facilities. The plant, which caught fire on July 5, processes packaged meat products, including bacon, salami and ham, for retail and foodservice customers.
Annual revenue for the Patrick Cudahy business has surpassed $450 million in recent years, Smithfield said in the filing.