The company stumbled during the recent U.S. recession, suffering rare losses as its hog-farming operations grappled with higher grain costs and an industrywide hog glut.

WSJ: Smithfield CEO Declares Victory

Chile has not undergone the job-destroying switch from traditional farming to the highly mechanised prairie grain-growing that is typical of the United States or, more recently, parts of Europe.

ECONOMIST: Chile

"There are well-publicised grain shortages in France and America and this is some of the best farming land not only in the county, but the country, " he said.

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