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Tag: did smithfield farms sell out to china

did smithfield farms sell out to china

did smithfield farms sell out to china插图

Yes

Is Smithfield Foods owned by China?

In September 2013 Smithfield Foods was acquired by China’s biggest meat processor, Shuanghui International Holdings, in the largest acquisition ever of a U.S. company by a Chinese one — a deal that raised concerns in America about a Chinese food company’s controlling a major U.S. meat supplier.

How much did Smithfield sell for?

Smithfield Foods To Be Sold To Chinese Firm For $4.72 Billion : The Two-Way The makers of Smithfield Ham, an icon on America’s culinary scene for decades, are selling the company to Shuanghui International Holdings Limited, for nearly $5 billion in cash. The deal also includes an exchange of debt.

What company owns Smithfield ham?

Smithfield Foods To Be Sold To Chinese Firm For $4.72 Billion. Smithfield Foods, makers of ham products under a variety of brand names, is being purchased by Chinese food maker Shuanghui International, for $4.72 billion in cash.

What happened to Smithfield Foods?

Smithfield Foods was sold to a Chinese company, and China will be slaughtering and processing hogs raised in the U.S. and shipping them back to America. Smithfield Foods was sold to a Chinese company in 2013. China will not be slaughtering and processing hogs raised in the U.S. and shipping them back to America.

Who owns Smithfield?

WH Group still owns Smithfield Foods. Smithfield itself operates under the leadership of CEO and President Shane Smith, who took on those roles this year.

What is Smithfield Foods?

Fox Business reports that WH Group specializes in packaged meats and fresh pork and hog production. Smithfield is the largest U.S. pork company.

Where is Smithfield meat made?

Smithfield Foods, a company that produces many of the meat brands familiar to U.S. consumers, has not been U.S.-owned for several years. Smithfield is based in Smithfield, Va., and employs over 63,000 people across 32 states and eight countries.

Who will distribute Smithfield food in 2021?

The food donation will be distributed by Mercy Chefs, a non-profit group that serves in disaster zones to provide free, hot, restaurant-quality meals to victims, volunteers, and first responders.

Is WH Group a Chinese company?

WH Group is not a Chinese state-owned entity, but rather a publicly traded Chinese company. Investors can buy shares in WH Group via the Hong Kong Stock Exchange. When Smithfield agreed to sell to WH Group in 2013, 96 percent of the current investors and shareholders voted in favor of the sale.

How long did Smithfield Foods close?

A day before the announcement, Gov. Kristi Noem and Sioux Falls Mayor Paul TenHaken urged Smithfield Foods in a letter to cease operations for two weeks to clean the facility and have employees recover from any illness.

What foods are banned on March 21?

The March 21 Facebook post also urges people to refrain from buying food products such as Starkist Tuna, Green Giant frozen vegetables and grocery store garlic unless it is clearly marked from the USA or Canada.

Where are Smithfield hogs raised?

The post claiming Smithfield’s hogs are raised in the United States and sent to China for processing and slaughtering before being returned here is rated FALSE. There is no evidence proving this claim, and officials contacted denied the information in the post; it is, therefore, not supported by our research. Smithfield Farms partnered with WH Group in 2013 and was not “recently” sold to China. The FDA confirmed products such as Starkist Tuna, Green Giant vegetables and garlic are indeed safe.

Where are hogs slaughtered?

The hogs will be slaughtered and processed in China before being shipped back to the U.S. Smithfield Foods, an American meat-processing company, faces criticism in a claim shared by Facebook users saying hogs will be raised in the U.S. and sent to China to be slaughtered and packaged before coming back here. The post also says Smithfield Foods was …

How many times has the post read this before buying meat been shared?

The post, which has been shared over 256,000 times as of April 14, is headlined with “read this before buying meat.”

Is Starkist Tuna safe?

Monique Richards, a spokeswoman for the FDA, said in an email to USA TODAY that the items listed in the claims — such as Starkist Tuna, Green Giant frozen vegetables and garlic — are safe. “Currently there is no evidence of food or food packaging being associated with transmission of COVID-19,” Richards said.

Is Smithfield Foods sold in China?

Fact check: Smithfield Foods is not selling meat that was slaughtered, processed in China . The claim: Smithfield Foods was recently sold to China with unanimous support of its stockholders. The hogs will be slaughtered and processed in China before being shipped back to the U.S. Smithfield Foods, an American meat-processing company, …

Why did Shuanghui buy Smithfield?

The major factor behind Shuanghui’s acquisition of Smithfield was to secure a supply of pork to feed rising demand in China (a country that is now the world’s biggest pork market), not to export pork products from China to the U.S. Forbes magazine reported that:

What is the most popular meat in China?

Pork is the most popular meat in China as it forms more than three-fourths of total meat consumption in the country. The nation produced more than half the world’s total pork in 2012, while consumers spent around $183 billion consuming it.

Why is China selling American meat?

The Chinese company is looking to reduce supply uncertainties that come along with the scarcity of livestock feed in order to be able meet the rising demand [for pork] at home. It also aims to reduce quality concerns at the same time by selling “American” meat to consumers in China.

Who bought Smithfield Foods?

In September 2013 Smithfield Foods was acquired by China’s biggest meat processor, Shuanghui International Holdings, in the largest acquisition ever of a U.S. company by a Chinese one — a deal that raised concerns in America about a Chinese food company’s controlling a major U.S. meat supplier.

Is Smithfield Foods sold to China?

Rating. Smith field Foods was sold to a Chinese company in 2013. China will not be slaughtering and processing hogs raised in the U.S. and shipping them back to America.

Will Americans eat crock cut meat from China?

processor doesn’t mean that Americans will be eating crock Chinese cuts.

Why did Smithfield close?

These days, Smithfield has been in the headlines after its CEO warned of a meat shortage when the company’s Sioux Falls, South Dakota, facility was one of the first to temporarily close because of a coronavirus outbreak.

Where is Smithfield Foods located?

The Smithfield Foods Inc. logo is displayed on boxes at the company’s pork processing facility in Milan, Missouri, April 12, 2017. (Daniel Acker/Bloomberg via Getty Images) Smithfield’s CEO at the time, C. Larry Pope, said the company would continue with "business as usual — only better.".

Where is Smithfield sausage?

In this April 14, 2020, photo, a package of Smithfield Foods breakfast sausage sits in a shopping cart outside of a local grocery story, in Des Moines, Iowa. (AP Photo/Charlie Neibergall) WH Group recorded sales of more than $24.1 billion in 2019, according to its website.

Who bought Smithfield Foods?

Smithfield Foods was founded in Virginia in 1936, and its pork products are ubiquitous in U.S. supermarkets, but the company was actually bought by WH Group, formerly known as Shuanghui International, for $4.7 billion in 2013.

Is Smithfield a publicly traded company?

Smithfield became a subsidiary of the publicly traded Chinese corporation after the Committee on Foreign Investment in the United States (CFIUS) said the acquisition would not endanger national security.

How much did Smithfield Foods buy?

The deal also includes an exchange of debt. The purchase values Smithfield Foods at $7.1 billion — a figure that would make the purchase "the largest Chinese takeover of a U.S. company," according to Bloomberg News.

What are the brands of Smithfield?

In addition to Smithfield, the company’s brands include Armour, Eckrich, Gwaltney, Kretschmar, and others. The company’s roots stretch back to 1936, when the Luter family opened a packing plant in Virginia.

Who owns Smithfield Foods?

Smithfield Foods, makers of ham products under a variety of brand names, is being purchased by Chinese food maker Shuanghui International, for $4.72 billion in cash.

Who is selling Smithfield Ham?

Smithfield Foods To Be Sold To Chinese Firm For $4.72 Billion : The Two-Way The makers of Smithfield Ham, an icon on America’s culinary scene for decades, are selling the company to Shuanghui International Holdings Limited, for nearly $5 billion in cash. The deal also includes an exchange of debt.

Is Virginia a trade partner with China?

The purchase would further solidify an economic relationship between China and Virginia that has been growing. The state has sent several trade missions to Asia in recent years, helping China become what Gov. Bob McDonnell calls "far and away our largest trading partner," as member station WAMU recently reported.

Is Smithfield still in Virginia?

Smithfield’s headquarters will remain in Virginia, according to a press release announcing the deal this morning. The companies also said that Shuangui will not close any Smithfield facilities, and will leave all employee agreements — and the existing management team — in place.

Does Smithfield need approval?

The deal will require approval from U.S. regulators before it is final. "This is a great transaction for all Smithfield stakeholders, as well as for American farmers and U.S. agriculture," Smithfield president and CEO Larry Pope said.

What is the significance of Shuanghui buying Smithfield?

The real story behind this transaction is that far-sighted Chinese entrepreneurs fully understand that, because pollution has contaminated major parts of China’s food chain, their future profit opportunities lie in buying the entire food-production process abroad. Bagging Smithfield, in this sense, is not about getting its hogs, pork-processing technology, or even premium brand. It is really about owning access to America’s safe farmland and clean water supplies.

What is the largest acquisition of an American firm by a Chinese company?

Many theories have been advanced to explain the deal — which is so far the largest acquisition of an American firm by a Chinese company. Some people see this move by Shuanghui, a private firm based in Henan, as a masterstroke to expand its ability to supply a fast-growing market with premium-brand pork at higher prices.

Why is buying food producers that own their land and have access to safe water supplies more attractive?

Given the fact that cleaning up land and waterways despoiled by heavy metal and other carcinogens requires huge amounts of money and takes a long time, buying food producers that own their land and have access to safe water supplies is a far more attractive proposition.

Does Shuanghui have pork?

slaughter capacity, would account for only 3% of China’s slaughtered hogs. In other words, Shuanghui may be able to source more of its pork from Smithfield’s modern , efficient, and safe pig farms and processing facilities, but the quantity that can be exported to China in the foreseeable future will be miniscule relative to the size of the Chinese market.

Does Shuanghui use Smithfield?

Others worry that Shuanghui might use Smithfield as a channel to sell its products in the U.S. As with other Chinese purchases of American assets, this particular deal can be seen from several perspectives.

Who bought Smithfield pork?

FORTUNE — A week after the announcement that Shuanghui International, China’s largest pork producer, has struck a deal to purchase Smithfield, the largest U.S. pork producer, for $7.1 billion (including debt), the development is still being digested. Many theories have been advanced to explain the deal — which is so far the largest acquisition of an American firm by a Chinese company. Some people see this move by Shuanghui, a private firm based in Henan, as a masterstroke to expand its ability to supply a fast-growing market with premium-brand pork at higher prices. Some view the purchase as a means to acquire valuable hog-farming and processing technology. Others worry that Shuanghui might use Smithfield as a channel to sell its products in the U.S.

Does Shuanghui supply China?

Yes, Shuanghui’s acquisition will help increase its ability to supply China’s market. But here we need to have some perspective. Per capita consumption of pork in China last year was 85.3 pounds, compared with 59.3 pounds in the U.S.