Here's the Chinese billionaire whose company owns the troubled pork processor Smithfield Foods:
Smithfield Foods, the world’s largest pork processor and hog producer, has been making headlines for shutting down plants in three states after a rash of coronavirus cases hit its Sioux Falls, South Dakota operation. Less well known: its Chinese billionaire owner, who took a small state-owned meat processing plant and expanded it into a multinational company with more than $24 billion in annual sales.
As of Thursday, 598 Smithfield employees in South Dakota’s Minnehaha County have tested positive for COVID-19, as have 135 people who were not employed by Smithfield but were in close contact with its employees. The total cluster of 733 cases makes up more than half of the state’s total coronavirus cases, which stands at 1,311, according to the South Dakota Department of Health.
Founded in Smithfield, Virginia in 1936, Smithfield Foods boasts more than 40,000 U.S. employees in nearly 50 facilities across the country. In 2013, WH Group purchased Smithfield for $4.7 billion; including debt, the deal valued the firm at $7.1 billion, then the largest acquisition of a U.S. company by a Chinese business.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Meat producers are warning of potential food shortages. Here’s what you need to knowAs several of the nation's largest meat processing plants have been forced to close due to the coronavirus pandemic, meat producers are warning of potential shortages if the crisis continues to disrupt operations for an extended period of time.
Read more »
This Creamy, Indulgent Basil Pasta Is Ready in Just 10 MinutesLudo Lefebvre’s simple Niçoise pasta relies on food processor magic.
Read more »
Smithfield to Close More Pork Plants Over Coronavirus PandemicThe top U.S. pork processor said it would close two more processing plants because of the coronavirus pandemic, reducing meat supplies for groceries..
Read more »
Smithfield Foods shuts U.S. bacon, ham plants as coronavirus hits meat sectorSmithfield Foods Inc, the world's largest pork processor, said on Wednesday it would shutter two U.S. plants that process bacon and ham, after closing a separate hog slaughterhouse because of an outbreak of the coronavirus among employees.
Read more »
Jack Dorsey, Bill Gates And At Least 75 Other Billionaires Donating To Pandemic ReliefMicrosoft founder Bill Gates has committed $105 million to the pandemic relief—mostly to be spent on vaccines, treatment, and diagnostic development
Read more »
Freight Service Convoy To Pay Cost Of Trucking Donations To Food Banks In COVID-19 CrisisFreight service Convoy will cover the cost of hauling food to local pantries and soup kitchens donated by U.S. businesses to help reduce a growing food shortage for millions of Americans
Read more »