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Washington D.C., March 4, 2013
—IFC, a member of the World Bank Group, will lend $40 million to Norson Holding
,
a leading pork producer and processor in Mexico, to support the company’s plans for expanding pork production and modernizing its facilities to reduce their impact on the environment.
Norson, based in Sonora, Mexico, is a joint venture between Smithfield Foods, the world's largest pork producer, and a group of local investors. Over the next four years, Norson plans to expand capacity for production, processing and cold storage, which will create business opportunities for local small and medium pig farmers and create jobs in processing plants. It aims to install plastic liners at waste lagoons, adopting a safer waste management system that reflects the best industry standards and goes beyond the local requirements.
The project will also reduce greenhouse gas emissions. IFC is working with Norson to explore opportunities for capturing methane for electricity generation and the possible use of solar power in its operations.
“This partnership supports food security by promoting agriculture productivity, rural employment, and environmental and social standards,” said IFC Executive Vice President and CEO Jin-Yong Cai.
Smithfield Foods President and CEO C. Larry Pope said: “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. “
Improving productivity in agriculture, promoting inclusive growth in rural areas, and helping companies find business opportunities through adoption of environmental and social best practices are part of IFC’s strategy for improving food security and rural incomes. IFC more than doubled agriculture-related investments to $4.2 billion in fiscal year 2012.
About IFC
IFC, a member of the World Bank Group is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
.
About Smithfield Foods
Smithfield Foods is a $13 billion global food company and the world's largest pork processor and hog producer. In the United States, the company is also the leader in numerous packaged meats categories with popular brands including Smithfield®, Eckrich®, Farmland®, Armour®, Cook's®, Gwaltney®, John Morrell®, Kretschmar®, Curly's®, Carando®, Margherita®, and Healthy Ones®. Smithfield Foods is committed to providing good food in a responsible way and maintains robust animal care, community involvement, employee safety, environmental, and food safety and quality programs. For more information, visit
www.smithfieldfoods.com
and
www.smithfieldcommitments.com
.
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