Smithfield's headquarters will remain in Virginia, according to a press release announcing the deal this morning. "In recent months, a series of food safety scandals have dented consumer confidence." "China is the world's biggest producer and consumer of pork and the third-largest market for U.S. "China's largest meat processing enterprise and China's largest publicly traded meat products company as measured by market capitalization," according to a news release. Shuanghui International is the majority owner of Henan Shuanghui Investment & Development Co. "We have established Smithfield as the world's leading and most trusted vertically integrated pork processor and hog producer, and are excited that Shuanghui recognizes our best-in-class operations, our outstanding food safety practices and our 46,000 hard-working and dedicated employees." agriculture," Smithfield president and CEO Larry Pope said. "This is a great transaction for all Smithfield stakeholders, as well as for American farmers and U.S. The Wall Street Journal, which first reported the sale, says the company's shares rose sharply before the markets opened Wednesday. Terms of the purchase value Smithfield's stock at $34 a share - a premium of more than 30 percent over the company's closing share price yesterday. The company's roots stretch back to 1936, when the Luter family opened a packing plant in Virginia. In addition to Smithfield, the company's brands include Armour, Eckrich, Gwaltney, Kretschmar, and others. The purchase values Smithfield Foods at $7.1 billion - a figure that would make the purchase "the largest Chinese takeover of a U.S. The deal also includes an exchange of debt. The makers of Smithfield Ham, an icon on America's culinary scene for decades, are selling the publicly traded company to China's Shuanghui International Holdings Limited for about $4.72 billion in cash. 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.
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