(RTTNews) - Smithfield Foods (SFD) said it has begun the approval process to build a new packaged meats and fresh pork processing facility in Sioux Falls, South Dakota, replacing its existing plant that has operated for more than a century.
The company expects to invest up to $1.3 billion over the next three years, subject to regulatory approvals and final board approval. The facility will be located in Foundation Park and is designed to improve efficiency through advanced automation and streamlined operations.
Smithfield said the project supports its long-term strategy to expand value-added packaged meats and fresh pork operations, while enhancing productivity and product innovation.
State and local officials said the investment could strengthen the regional agriculture economy, support jobs, and create redevelopment opportunities for the current downtown site. They added that the project could also benefit farmers and the broader supply chain across the region.
If approved, construction is expected to begin with site work in 2026, followed by groundbreaking in 2027 and production starting in 2028.
Tuesday, SFD closed at $24.94, down 0.8%, and is trading after hours at $25.24, up 1.2%, on NasdaqGS.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
