Maxwell Foods, LLC v. Smithfield Foods, Inc.

2021 NCBC 50
CourtNorth Carolina Business Court
DecidedAugust 26, 2021
Docket20-CVS-1430
StatusPublished

This text of 2021 NCBC 50 (Maxwell Foods, LLC v. Smithfield Foods, Inc.) is published on Counsel Stack Legal Research, covering North Carolina Business Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Maxwell Foods, LLC v. Smithfield Foods, Inc., 2021 NCBC 50 (N.C. Super. Ct. 2021).

Opinion

Maxwell Foods, LLC v. Smithfield Foods, Inc., 2021 NCBC 50.

STATE OF NORTH CAROLINA IN THE GENERAL COURT OF JUSTICE SUPERIOR COURT DIVISION WAYNE COUNTY 20 CVS 1430

MAXWELL FOODS, LLC,

Plaintiff, ORDER AND OPINION ON v. DEFENDANT’S PARTIAL MOTION TO DISMISS SMITHFIELD FOODS, INC.,

Defendant.

1. For over 25 years, Maxwell Foods, LLC has supplied swine to Smithfield

Foods, Inc. under an output contract. Once one of the country’s largest swine

suppliers, Maxwell recently began cutting its production and will soon be out of the

hog business entirely. Maxwell blames Smithfield for its demise. The nub of the

complaint is that Smithfield—the dominant player in the hog market—has used its

market position to depress prices, rendering the output contract unprofitable for

Maxwell. Although aware of Maxwell’s tenuous financial position, Smithfield

supposedly slashed its purchases, refused to renegotiate swine prices, and reneged

on its promise to give Maxwell the same pricing and related economic benefits given

to other suppliers. Believing these steps were designed to force it out of business,

Maxwell has sued Smithfield for sundry breaches of the output contract and for unfair

and deceptive trade practices.

2. Smithfield has moved to dismiss most of the pending claims. For the

following reasons, the Court GRANTS in part and DENIES in part the motion. Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P., by Reid L. Phillips, Charles E. Coble, Eric M. David, Amanda S. Hawkins, and Shepard D. O’Connell, for Plaintiff Maxwell Foods, LLC. 1

Robinson, Bradshaw & Hinson, P.A., by Robert E. Harrington, Ethan R. White, and Mark A. Hiller, for Defendant Smithfield Foods, Inc.

Conrad, Judge.

I. BACKGROUND

3. The Court does not make findings of fact on a motion to dismiss. The

following background assumes that the amended complaint’s allegations are true.

4. Smithfield is the largest pork producer in the world, processing over six

billion pounds annually. On the East Coast alone, it owns and operates three

plants—one in Virginia and two in North Carolina—that together process over 55,000

hogs per day. (See Am. Compl. ¶¶ 10–12, ECF No. 7.) Smithfield sources hogs from

hundreds of its own farms and from many independent suppliers, including Maxwell.

(See Am. Compl. ¶¶ 7, 8, 14, 15.)

5. The production sales agreement (“PSA”) between Smithfield and Maxwell

dates back to the mid-1990s and is still in effect. (Am. Compl. ¶¶ 7, 8, 16, 28; see also

Am. Compl. Ex. 1 [“PSA”].) 2 It is an output contract. Subject to adjustments and

conditions that are not relevant for present purposes, Smithfield must buy all

1 After this motion was fully briefed, Ms. O’Connell moved for leave to withdraw as counsel

for Maxwell, which the Court granted. (ECF No. 32.) 2 Maxwell Foods, LLC, the plaintiff here, is the successor-in-interest to Maxwell Foods, Inc.,

the party to the PSA. (See Am. Compl. ¶¶ 1, 2, 16; PSA, Preamble.) “Market Swine”—up to 155,000 per month—produced by Maxwell in Virginia and the

Carolinas. (See Am. Compl. ¶¶ 16, 21–23; PSA ¶¶ 1(e), 3(a).)

6. Pricing figured heavily in the parties’ negotiations over the PSA and is the

seed of their current dispute. The parties agreed to a per-pound purchase price equal

to “Market Value” plus or minus various premiums, discounts, and credits. (PSA

¶¶ 1(f), 5(b).) Market Value is tied to the average daily price quoted for hogs sold on

the Iowa-Southern Minnesota spot market. (PSA ¶ 1(b).) Readers may wonder why

the agreement looks to a market in the Midwest for hog sales in the Southeast. At

the time of the PSA, spot market transactions (also called negotiated sales) were

prevalent in the hog trade. (See Am. Compl. ¶ 38.) Maxwell and Smithfield chose

the Iowa-Southern Minnesota spot market “to establish a relatively stable national

market price” as the basis for calculating Market Value. (PSA ¶ 1(b).) Recognizing

that the marketplace might change, they agreed to “designate a substitute basis” if

the Iowa-Southern Minnesota market ever ceased to be viable, backed by a “right to

submit the matter to arbitration” should they fail to reach an agreement. (PSA

¶ 1(b).)

7. Maxwell also demanded assurances that Smithfield would not treat it less

favorably than Smithfield’s other major suppliers. (See Am. Compl. ¶¶ 18, 19.) Just

one day after inking the PSA, the parties signed a letter agreement with additional

terms, including a “most-favored-nation” clause. (Am. Compl. ¶ 28; see also Am.

Compl. Ex. 2 [“Letter Agrmt.”].) Smithfield represented that the PSA gave Maxwell

“the same economic incentives (including any Grade and Yield Matrix) as given all of Smithfield Foods’ other major swine suppliers” and further agreed to offer Maxwell

“the benefit of future changes in economic benefits given said major swine suppliers”

during the PSA’s term. A handwritten annotation states that Smithfield’s “[m]ajor

swine suppliers include Carroll’s Foods, Inc., Murphy Family Farms, Inc., and

Prestage Farms, Inc.” (Letter Agrmt. ¶ 1; see also Am. Compl. ¶¶ 17, 30, 32.)

8. Nearly twenty-seven years have elapsed since the PSA was signed. In that

time, the national hog market has seen immense change. There are fewer hog farms,

due in part to industry consolidation. There are also fewer negotiated sales, falling

from sixty percent of all hog sales in 1994 to twelve percent in 2004 to less than two

percent in 2021. (See Am. Compl. ¶¶ 37, 39–41.) Thinly traded spot markets are, as

alleged, “easily manipulated” by pork processors. (Am. Compl. ¶ 46.) This has

changed the way the industry does business. As the number of negotiated sales has

dwindled, the number of marketing agreements between processors and suppliers

has swelled. Those looking for a reliable base price for their marketing agreements

now favor index pricing and wholesale (or “cut out”) pricing over spot market prices.

(See Am. Compl. ¶ 47.)

9. Smithfield was “a leader” in the “effort” to consolidate the hog market. (Am.

Compl. ¶ 37.) It expanded its own hog-farming operations and acquired two of its

major suppliers, Carroll’s and Murphy. (See Am. Compl. ¶¶ 42–45.) These

acquisitions, according to Maxwell, have made Smithfield the “dominant pork

processor in the Southeast”—so dominant that it “controls the market for hog

processors in the Southeast” and wields “monopoly buyer power.” (Am. Compl. ¶¶ 50, 87, 88.) Likewise, vertical integration allows Smithfield to control much of its pork

production from top to bottom, beginning with breeding and ending with processing

and packing. (See Am. Compl. ¶ 14.)

10. Smithfield’s success is Maxwell’s sorrow. Indeed, Maxwell believes that

Smithfield has used its market power to manipulate the Iowa-Southern Minnesota

spot market and depress swine prices. (See Am. Compl. ¶¶ 46, 88.) By 2017, volume

at the Iowa-Southern Minnesota market dropped to the point that it ceased to be

viable. (See Am. Compl. ¶ 52.) As a direct consequence, the PSA “no longer yields

pricing that allows Maxwell to operate at a profit.” (Am. Compl. ¶ 48.) Maxwell has

repeatedly proposed a substitute basis for determining Market Value in the PSA, but

Smithfield has rejected its proposals and refused to negotiate. (See Am. Compl.

¶¶ 59–67.)

11. That is not how Smithfield has dealt with its other major suppliers. At some

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