Thursday, May 30, 2013

Flop Suey: China’s $4.7 Billion Smithfield Deal

 From Businessweek: Announcing his company’s $4.7 billion acquisition by China’s largest pork producer, Smithfield Foods CEO used the moment to stress how the deal is designed to send more American pork to Asia, a boost for U.S. farmers. In other words: Relax. Shuanghui International Holdings won’t be sending Chinese pigs to your local Kroger store.

“People have this belief … that everything in America is made in China,” Smithfield President and CEO Larry Pope said on a conference call today. “I like to tell people, ‘Open your refrigerator door, look inside.’ Nothing in there is made in China

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