Christopher Newport University Partners with Smithfield Foods, Inc.
to Name The Joseph W. Luter, III School of Business
News Release - August 30, 2005
contact:
Denise Waters
dwaters@cnu.edu
(757) 594-7331
Dennis Treacy
Smithfield Foods, Inc.
(757) 365-3000
(NEWPORT NEWS, VA)—Smithfield Foods, Inc. through its Smithfield Luter Foundation, Inc. has committed a gift of $5 million to Christopher Newport University. These funds will be used to establish the Joseph W. Luter, III School of Business and a $1 million leadership scholarship program – to be matched dollar for dollar by CNU. This partnership brings together a leader in education and a leader in the food production industry to educate the leaders of tomorrow.
“This is the largest contribution ever made to CNU and is the kind of transformational gift that will inspire the success of our students and faculty and encourage others to generously support the University,” said CNU President Paul Trible. “Joe Luter is a leader, visionary and a friend of many years. We are honored by his strong and generous support and are excited by this partnership with Smithfield. Joe and his family have been important business and community leaders in Virginia for generations and CNU is soaring in reach and reputation. The association of our names will bring credit to both.”
Celebrating its 25 th anniversary, CNU’s School of Business offers excellent undergraduate programs in finance, accounting, economics, management and marketing. The quality of these academic programs was recently underscored by the awarding of accreditation by the Association to Advance Collegiate Schools of Business (AACSB). This is the most sought after quality indicator of any school that offers business programs and demonstrates CNU’s commitment to excellence. CNU is one of just 39 institutions that offer an undergraduate-only business program that is accredited by AACSB.
Luter, chairman and chief executive officer of Smithfield Foods, Inc., has established the Smithfield-Luter Foundation, Inc. to fund educational grants to colleges and universities for undergraduate scholarships. Luter personally funded the foundation with an initial grant of $5 million.
“I have always felt strongly about the importance of contributing to the community and to the people with whom we come into contact every day,” said Joseph W. Luter, III. “With operations primarily in small towns and rural communities across America -- and now, across the world -- I have always encouraged Smithfield Foods, Inc. and its subsidiaries to focus on helping their local communities in a direct way.”
Smithfield Foods, Inc. is the world’s largest pork processor and hog producer and the fifth-largest U.S. beef processor. Under Luter's leadership, Smithfield Foods has grown to over $11 billion in annual revenues and has successfully integrated more than 30 acquisitions to expand the company's products both in the U.S. and internationally. Outside the United States, Smithfield owns subsidiaries in France, Poland, Romania and the United Kingdom and operates joint ventures in Brazil, Mexico, Spain and China and employs more than 51,000 people worldwide.
Smithfield Foods, Inc.’s policy of operational excellence has transformed Smithfield from a regional meatpacker based in Smithfield, Virginia, to an international industry-leading food production company. Smithfield is committed to producing high quality, healthy and safe food products. At the same time, Smithfield is proud to support the communities in which we operate by stabilizing the economy, providing jobs, tax revenue and a host of other direct and indirect benefits. Smithfield Foods’ 51,000 employees have a long and rich tradition of taking active roles in the communities where they live and work, forming a friendly, caring and efficient volunteer force, contributing to causes that: enhance the environment; promote economic development; provide entertaining and educational events for families; and assist agencies in dedicated to the well-being of all residents.
Following in the steps of his grandfather, Joseph Luter Sr., who founded Smithfield in 1936, and his father, Joseph Luter, Jr., who served as CEO until his death in 1962, Joseph W. Luter, III is the third generation of his family to lead the company. Luter received his bachelor's degree from Wake Forest University where he served as a member of the board of trustees for 12 years. Luter serves on the executive committee of the American Meat Institute. In addition, he is active in civic affairs in his hometown of Smithfield.
Christopher Newport University is a four-year public university in Newport News, Virginia. CNU enrolls 4,800 students in programs through its College of Liberal Arts and Sciences and the School of Business and offers great teaching, small classes and an emphasis on leadership, civic engagement and honor. Visit us at www.cnu.edu.