Latest news with #VirginiaBusiness
Business Journals
14-05-2025
- Business
- Business Journals
Saddle Creek Logistics Services to lay off dozens in Richmond
Saddle Creek Logistics Services, a supply chain solutions company based in Florida, plans to lay off 54 employees at its Richmond location this summer. Saddle Creek Logistics Services, a supply chain solutions company based in Florida, plans to lay off 54 employees at its Richmond location this summer. Saddle Creek notified Virginia on Friday of plans for layoffs at its location at 4701 Commerce Drive. The layoffs are expected to begin July 1 and end July 31, according to a letter Saddle Creek HR Director Stacey Lloyd sent to the state. Lloyd noted that the layoffs are expected to be permanent and that senior employees will not be able to displace more junior workers as a result of the layoffs. Virginia Business was the first to report on the company's plans. Lakeland, Florida-based Saddle Creek specializes in warehousing, transportation and order fulfillment. It operates a nearly 500,000-square-foot warehouse built in 2018 at its Commerce Drive location near the Richmond Marine Terminal. President Donald Trump's trade policies, including his on-again, off-again tariffs, are likely causing many companies to explore and alter their supply chain strategies. Those considerations could play a role in Saddle Creek's business decisions.
Yahoo
28-01-2025
- Business
- Yahoo
Smithfield Foods raises $522 million, pricing IPO below expected range
This story incorporates reporting from Virginia Business, Investopedia on and Foods successfully raised $522 million through its initial public offering listed on the Nasdaq Global Select Market. The company offered 26 million shares at $20 each — a price below the initially anticipated range. This marks a significant milestone for Smithfield, as it returns to being publicly traded after a decade under private ownership by China's WH Group. The company had previously gone public in Hong Kong in 2014 following WH Group's acquisition. Smithfield Foods is renowned as the largest pork producer in the United States, employing approximately 34,000 people nationwide. The decision to go public on the Nasdaq highlights the company's strategic focus on expanding its presence and visibility in the U.S. market. Shane Smith, President and CEO of Smithfield, noted the historical significance of the moment during a speech in New York City. As part of its broader strategic initiatives, Smithfield announced its plan to transfer some hog farming operations to a joint venture with Murphy Family Ventures in North Carolina. This move is expected to refine their operational focus while leveraging partnerships to enhance efficiency. The IPO and operational adjustments signify Smithfield's commitment to strengthening its foothold in the competitive meat industry. Quartz Intelligence Newsroom uses generative artificial intelligence to report on business trends. This is the first phase of an experimental new version of reporting. While we strive for accuracy and timeliness, due to the experimental nature of this technology we cannot guarantee that we'll always be successful in that regard. If you see errors in this article, please let us know at qi@ For the latest news, Facebook, Twitter and Instagram.
