China's Shuanghui buying Smithfield Foods for about $5 billion in cash
Source: Hampton Roads Daily Press and Reuters
7:19 a.m. EDT, May 29, 2013
HONG KONG, (Reuters) - China's Shuanghui Group has agreed to buy Smithfield Foods for around $5 billion in cash, according to a news release.
Privately owned Shuanghui plans to fund the acquisition using cash and debt, with both Chinese and foreign bank funding, the news release said.
The companies valued the total for the deal at $7.1 billion, including debt.
Shuanghui has pledged to maintain Smithfield's headquarters in Smithfield, Va., and to continue Smithfield's philanthropic efforts and investments, according to the news release.
Read more: http://www.dailypress.com/news/breaking/dp-shuanghui-buying-smithfield-foods-20130529,0,432365.story
Le Taz Hot
(22,271 posts)Smithfield
Eckrich
Farmland
Armour
Cook's
Gwaltney
John Morrell
Kretsmar
Curley's
Carando
Margherita
Healthy Ones
http://www.smithfieldfoods.com/our-brands/
Botany
(70,567 posts)Really bad for you but Margherita pepperoni is the best.
AAO
(3,300 posts)I would watch out for sawdust in your sausage from now on.
japple
(9,838 posts)crazylikafox
(2,760 posts)MADem
(135,425 posts)JDPriestly
(57,936 posts)Shuanghui Group (Chinese: 双汇集团 is one of the largest meat food processing in China, which offers high-temperature meat products, low-temperature meat products, fresh meat and frozen meat. It is the first meat processing company passing ISO9001. It was established in 1994 and it is headquartered in Luohe, Henan.[1][2]
Its subsidiary, Henan Shuanghui Investment & Development Company Limited (SZSE: 000895), was established and listed on the Shenzhen Stock Exchange in 1998.[3] In 2006, a joint venture of Goldman Sachs and private equity firm CDH Investments bought all of Shuanghui Group's state-owned shares.[4]
http://en.wikipedia.org/wiki/Shuanghui
madrchsod
(58,162 posts)hell there`s not a lot of manufacturers in the usa that has a ISO9001.
JDPriestly
(57,936 posts)melm00se
(4,994 posts)companies have to got thru a specialized audit and document all sorts of policies and procedures.
madrchsod
(58,162 posts)a really pain in the ass for a company to get one but it`s worth it. the last few companies i work for were 9001 companies and they had far better working conditions than other companies i worked for.
JDPriestly
(57,936 posts)That is not good news.
asjr
(10,479 posts)she'll be using melamine instead of butter.
a kennedy
(29,697 posts)warrior1
(12,325 posts)dembotoz
(16,826 posts)will all the Smithfield bar codes now change or is the bar code a listing of manufacturing origin not ownership origin?
iamthebandfanman
(8,127 posts)B Stieg
(2,410 posts)...but their cold cuts (sold at Stater Bros. here in Cali) suck.
Now, they'll be deadly.
Hekate
(90,773 posts)Oy.
onehandle
(51,122 posts)matt819
(10,749 posts)Does this count as one of China's small, medium, or large purchases of or investments in American companies?
secondvariety
(1,245 posts)I'm good.
YOHABLO
(7,358 posts)RussBLib
(9,032 posts)Maybe China will stop the practice? I kinda doubt it.
This will be yet another reason NOT to buy Smithfield products.
mahatmakanejeeves
(57,586 posts)Last edited Thu May 30, 2013, 12:13 PM - Edit history (1)
in Hampton Roads?
Langley AFB
Norfolk Naval Base
NAS Oceana
I'm thinking that there are lots of things they'd like to see or hear nearby.
Maybe I'm paranoid, but the Chinese have been hacking into every DoD network they can find. Wouldn't this just make it easier for them? Or does this physical presence not far away from sensitive things not make any difference?