Skip to comments.Shuanghui buying Smithfield Foods for about $4.72B
Posted on 05/29/2013 6:36:26 AM PDT by Red BadgerEdited on 05/29/2013 6:40:15 AM PDT by Admin Moderator. [history]
RICHMOND, Va. - Chinese meat processor Shuanghui International Holdings Ltd. has agreed to buy Smithfield Foods Inc. for approximately $4.72 billion in a deal that will take the world's biggest pork producer private.
Hong Kong-based Shuanghui owns a variety of global businesses that include food, logistics and flavoring products and is China's largest meat processing enterprise. Smithfield owns brands such as Armour, Farmland and its namesake.
(Excerpt) Read more at myfoxny.com ...
So now we can look forward to plastic, toxic ingredients, and other food contaminants?
You can thank the Fed and ethanol mandates for a lot of the corn price pressure that Smithfield is under right now. There’s way too much corn going in our gas pumps instead of in various bellies (pork, human, whatever).
Still, as a Virginia kid who grew up on Smithfield (and Gwaltney) bacon, it’s sad to see a legendary Virginia icon get bought out by a Chicom company.
First, the ChiComs have bought up our natural resources. Now they are buying up our food. They have plenty of Made in the USA money to buy anything they want.
I can’t say that I blame them. They want to preserve the value of their dollars before they become toilet paper........
Interesting.... Is this a move to get better quality food to China at manufacturer’s cost since they have destroyed so much of their farmland through inadequate environmental protections? Or is it a move to place their own locally grown pork products into the American food marketplace?
In either case I see some “unintended consequences” looming on the horizon.
I promise to be more selective when shopping for my pork chops.
Sweet and sour pork!........
They want our pork raising technorrigy!......
Soon Smithfield’s new motto will be “we glow in the dark”.
Green Energy!......It’s for the children........
They supply some of my plant’s raw material. Not good.
So now we can look forward to plastic, toxic ingredients, and other food contaminants? Sweet!!
I agree. Smithfield is a great corporate and responsible member of Smithfield Virginia. We spend a long weekend there once a year at Smithfield Station and love the community.
Smithfield Foods Inc. has a very nasty habit of hiring illegal immigrants. They’ve had many ICE raids. This company isn’t the greatest to begin with. I’ll just continue to make my meat and egg purchases from my local farmer.
all your pigs belong us
ROFTL - at first glance, I thought that said "Fred and Ethel mandates"
Sky is farring, sky is farring...
Company by company, building by building, acre by acre, military secret by military secret. One day we will wake up and find out we lost everything except our ability to be slaves.
Fred & ETHYL........
One of my long time customers in Sioux Falls.
Oh well. Scratch one brand of meats I will not be buying anymore at the local deli counter. Sad, as they were the most affordable.
Being a Virginia boy myself and having grown up in the area, I too have many fond memories of the area. In fact, my parents celebrated their 50th wedding anniversary at Smithfield Station. That said and before we get maudlin about this, it’s just another example of capitalism at work. If someone had offered me an immediate 31% profit on my money, I’d have a hard time turning it down too.
Heh! Good one.
Seriously though, The Chinese don’t do acquisitions, will-nilly, There is a plan, usually long-term some times Generationally long-term. A thought that comes to mind is slowly moving the children of upper-ups to the U.S. to “manage” their new holding and then moving more of the own “experienced Farmers” here to do the work on the farms they have been buying up because of out own INSANE Death-taxes that destroy family Farms and businesses on a regular basis.
In any case we as outside observers will have to wait and see.
Could be, although Smithfield Foods has been historically strong. What is most interesting to me is that the plan with the acquisition is to take them private. That could be either very good or very bad. We will see.
Well stated all around. And who knows perhaps they will provide good leadership as even more dollars flow out of this country toward China.
I was in Smithfield this past weekend visiting family.
The Luter family has always been generous to the town, with buildings, performing arts center, fire and police equipment, etc.
A quaint little town...
Ditto. I hate to see a part of Virginia's history go to the Chinese.
The Smithfield Wine and Brew Fest was held last month... a GREAT time!
The desire to avoid investment loss or pure profit from the sale of an American business to foreign interests has gotten way out of hand.
One of the largest food processors in America will now be owned by a foreign nation.
Does anyone see the inherent danger in this?
Well, there goes Paula Deen’s hams!
I just finished reading that book a couple of days ago. It’s chilling in how prescient he was........
There is a local real estate developer here that came here as a 14 year old boy, ALONE, penniless, as a refugee on one of those boats. He is now a multi millionaire...........
Smithfield had more than one raid for illegals. Their spokesperson, Paula Deen, never said a word about it and continued in their employement. She also promised at each campaign run to have Moo and her opponents’ wives on her show but each time only had Moo. That says volumes. Can’t stand her.
Yes, there was angst at the time about the purchase of, IIRC, Rockefeller Center. Then someone published words to the effect of “what are they going to do, move it to Japan? No, so no big deal.” I believe that was followed up the the sentiment that they will lose their shirts just like everyone else. Who knew those words were prophetic?
Whatever leftover poisons they can’t use in petfoods, will now go into human-consumption Smithfield products. Nice.
She'll havta change her name to Paura Deen!.....
Worked for Smithfield for a short time as a pork desk manager, HATED IT!
Apples and oranges. The difference is Japan was not a Communist dictatorship four times our size, the Globalists had not moved practically our entire manufacturing and industrial base to Japan, Japan had no military to speak of.
I sent this to my wife and she replied folks in Smithfield should probably keep their cats and kittens indoors for the forseeable future. If the mouse population starts to climb we’ll know the feral cat population has declined.