Smithfield Foods has announced a new partnership with motorsport team Stewart-Haas Racing.
From the beginning of the 2018 season, the deal will see the meat-processing company become a primary sponsor of the stock car racing outfit in the top-tier Monster Energy Nascar Cup Series.
The WH Group subsidiary is currently the primary sponsor of Richard Petty Motorsports’ number 43 Ford driven by Aric Almirola, but chose not to negotiate an extension of its current deal.
The length and financial details of the new partnership with Stewart-Haas were not released. Based on similar deals in Nascar, Smithfield Foods is likely to be paying a figure between US$15 million and US$20 million for each year of the agreement.
“We're very proud to have Smithfield Foods join the Stewart-Haas Racing family," said Brett Frood, president of Stewart-Haas Racing. “Smithfield has activated heavily and successfully within the sport, and we're honoured to be a part of the brand's forward initiatives and strategy.
“Although we're not ready to announce the full details of the programme, we look forward to this new endeavour while remaining focused on the upcoming play-offs and putting forth the best effort possible to win more races and contend for another championship.”
A statement for Smithfield Foods read: ‘We are excited to announce today that Smithfield Foods will join Stewart-Haas Racing as a primary team sponsor beginning in 2018. The decision to leave Richard Petty Motorsports and join Stewart-Haas Racing was difficult but we feel this move will improve our competitiveness on the track and strengthen our position as a leading consumer packaged goods company. Further details of our agreement with Stewart-Haas Racing will be provided at a later date.’