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Smithfield Sells 145,000-SF Processing Plant to Pennexx

NEW YORK CITY-Pork processor Smithfield Foods sells its Philadelphia plant to cased-meat company Pennexx Foods Inc. Smithfield, with offices here and in Virginia, owns 50% of Pennexx.

By Glen Thompson | Updated on February 22, 2002

NEW YORK CITY-Pennsylvania packaged meat provider Pennexx Foods Inc. has entered into an agreement to purchase a 145,000-sf processing plant on a 10-acre parcel in Philadelphia. The seller is locally based meat processor Smithfield Foods, which owns 50% of Pennexx’s common stock.

Pennexx, which currently has processing facilities in Philadelphia and Pottstown, PA, is purchasing the facility for an undisclosed price as part of an overall expansion strategy, according to company president and CEO Michael Queen.

“We have been searching for a larger facility to accommodate the escalating demand of our case-ready business for some time now, having reached our anticipated capacity at our current facilities in the fourth quarter of 2001,” Queen says. “The new facility will substantially increase Pennexx’s case-ready production capabilities and begin to fulfill existing business demand.”

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