Chinese meat processing giant acquires Smithfield Foods

Virginia-based Smithfield Foods has agreed to merge with Shuanghui International, China’s largest meat processing company. According to the press release on the deal:

Smithfield’s common stock will cease to be publicly traded. The Company will be a wholly-owned independent subsidiary of Shuanghui International Holdings Limited, operating as Smithfield Foods. Mr. Pope will continue as president and chief executive officer of Smithfield, and the management teams and workforces of Smithfield’s Independent Operating Companies will continue in place after the transaction.

Shuanghui will honor the collective bargaining agreements in place with Smithfield’s represented employees, as well as existing wage and benefit packages for non-represented employees. Under the agreement, there will be no closures at Smithfield’s facilities and locations, and Smithfield’s existing management team will remain in place.

Understanding the importance of preserving Smithfield’s heritage, values and connections with the communities it serves, and because it also is an engaged member of the communities it serves, Shuanghui has pledged to maintain Smithfield’s headquarters in Smithfield, Va., and to continue Smithfield’s philanthropic support of community initiatives and investments in sustainability.

The federal government will have to approve the merger.

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