Smithfield Foods, the largest pork processor in the country, announced it will not close additional plants as it focuses on growth following its initial public offering (IPO), CEO Shane Smith said Tuesday.
The company is a spin off of Hong Kong-based WH Group and returned to the U.S. market after 10 years on the Stock Exchange of Hong Kong.
The Virginia-based pork facility has faced plant closures in the past few years but restructuring efforts are nearly complete, reported Reuters via Yahoo! Finance.
While the company celebrates its $8.1 billion IPO valuation, Smithfield is monitoring tariffs and immigration policies under President Donald Trump.
Trump's tariffs will impact exports and Smithfield's workforce, which is made up primarily of immigrants, reported Reuters.
Smithfield Foods' workforce is also vulnerable to sweeping ICE raids by Trump's border czar, Thomas "Tom" Homan, as part of the president's mass deportation plan.
According to the Center for Economic and Policy Research, more than half of all meatpacking employees are immigrants.
Export sales, which makes up 13% of revenue, face potential challenges from retaliatory tariffs by China and Mexico. Trump also has threatened tariffs against Colombia and Canada.
To reduce risks, Smith said it plans to expand Smithfield Foods' packaged meats business and redirect products to domestic markets, including pet food.
