Posted on 05/29/2013 6:36:26 AM PDT by Red Badger
Edited 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 ...
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........
Heinlein predicted it.........in 1941.....
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.
Agree.
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........
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