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.
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