China's Shuanghui buying Smithfield Foods for about $5 billion in cash

[mahatmakanejeeves]

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]

1. Smithfield Brands:

Smithfield
Eckrich
Farmland
Armour
Cook's
Gwaltney
John Morrell
Kretsmar
Curley's
Carando
Margherita
Healthy Ones

http://www.smithfieldfoods.com/our-brands/

[Botany]

10. Don't mess w/my pepperoni

Really bad for you but Margherita pepperoni is the best.

[AAO]

13. I don't think we use any of those brands, thank fsm.

I would watch out for sawdust in your sausage from now on.

[japple]

2. Oh boy! Melamine kielbasa! n/t

[crazylikafox]

4. My thoughts exactly

[freshwest]

21. +1

[MADem]

27. Bingo!!! nt

[JDPriestly]

3. Shuanghui Group

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]

7. i doubt there`s one meat processor in the usa that has a ISO9001......

hell there`s not a lot of manufacturers in the usa that has a ISO9001.

[JDPriestly]

22. What ia a ISO9001?

[melm00se]

25. it's a quality management certification

companies have to got thru a specialized audit and document all sorts of policies and procedures.

[madrchsod]

28. it is a quality control certification number

http://en.wikipedia.org/wiki/ISO_9000

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]

23. This will probably push the price of meat up still further in the US.

That is not good news.

[asjr]

5. Do they get Paula Deen too?

[KamaAina]

17. Yes, but

she'll be using melamine instead of butter.

[a kennedy]

6. Started here....

http://www.democraticunderground.com/?com=view_post&forum=1002&pid=2916158

[warrior1]

8. Thanks a kennedy.

[dembotoz]

9. a few months ago i downloaded a list of bar code numbers that showed country of origin

will all the Smithfield bar codes now change or is the bar code a listing of manufacturing origin not ownership origin?

[iamthebandfanman]

11. bar codes

http://www.snopes.com/politics/business/barcodes.asp

[B Stieg]

12. Don't know about Smithfield's other activities...

...but their cold cuts (sold at Stater Bros. here in Cali) suck.

Now, they'll be deadly.

[Hekate]

14. Did you say our groceries have been Shanghaied?

Oy.

[onehandle]

15. Just another reason not to eat meat. nt

[matt819]

16. Just curious

Does this count as one of China's small, medium, or large purchases of or investments in American companies?

[secondvariety]

18. They don't make Spam.

I'm good.

[YOHABLO]

19. Oh Hell half the country is owned by the Chinese .. They eat more pig over there anyway

[RussBLib]

20. Smithfield is known for their CAFO's

Maybe China will stop the practice? I kinda doubt it.

This will be yet another reason NOT to buy Smithfield products.

[mahatmakanejeeves]

24. Will this give them a place to locate a server farm in proximity to all the DoD facilities

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?

[liberal N proud]

26. I will be avoiding their brands