Global agribusiness leader with significant economies of scale; Solid geographic and product diversity that reduces earnings and cash flow volatility in its core business segments compared to more concentrated peers; and Earnings growth should continue to benefit from ongoing centralization of business functions and contribution from recent acquisitions despite near-term pressure in origination and processing and a modest normalization of a still-strong beef cycle. Benign commodity inflation continues to mute working capital requirements and keep debt balances and cash flow ratios at historical lows; Periodic modest to midsize acquisitions (typically in the $1 billion to $2 billion area), which are not likely to materially increase leverage because of internal cash flow generation and ongoing EBITDA growth; and Debt to EBITDA
