Business
UPDATE 1-Smithfield CEO faces Senate heat over sale to China
Congress has no direct role in approving or blocking the transaction, but the Senate hearing sheds light on issues facing the Committee on Foreign Investment in the United States.
[REUTERS]
The head of Smithfield Foods on Wednesday faced tough questioning from U.S. lawmakers concerned the proposed sale of Virginia ham maker to China’s largest pork producer could hurt U.S. food safety and lead to higher prices for American consumers.
“I think to your constituents back home, it’s the same old Smithfield,” company President Larry Pope told members of the Senate Agriculture Committee. “Nothing’s going to change. This is going to be an American company. We will continue to operate like an American company.”
The sale of Smithfield Foods, the world’s largest pork producer with more than 46,000 employees in 25 states and four countries, to Shuanghui International Holdings for $4.7 billion would be the biggest Chinese takeover of a U.S. company to date.
Read more about Smithfield’s sale to China at Reuters.
