Swift to explore alternatives with help of JPMorgan

by FoodBusinessNews.net Staff
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GREELEY, COLO. — The board of directors of Swift & Co. has engaged JPMorgan to assist it in a review of strategic and financial alternatives. The review was initiated as a result of a series of unsolicited inquiries over the past six months from a variety of strategic and financial third parties, as well as currently robust capital market conditions.

Possible alternatives that board will review include sale, merger, strategic partnerships, refinancing and/or public equity offering. The board emphasized that no decision has been made to pursue any particular alternative and it is possible that no alternative will ultimately be pursued.

"Swift is an excellent company with very significant value, growth and earnings potential," said Edward Herring, a director of Swift & Co. and partner of HM Capital. "As such, we will not pursue any transaction that does not fully reflect and realize the value of Swift. HM Capital and Booth Creek believe that Swift president and c.e.o. Sam Rovit and his management team have done a great job of leading the company through some challenging times and positioning it for long-term strength and success. We are confident that the team is fully focused on Swift's operations and will continue to deliver strong performance during this process."

Neither the board nor Swift management will comment on the matter until the review process is completed.

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