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.
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.

Tags
Show More

NNPAFreddie

Freddie Allen is the National News Editor for the NNPA News Wire and BlackPressUSA.com. 200-plus Black newspapers. 20 million readers. You should follow Freddie on Twitter and Instagram @freddieallenjr.

Related Articles

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

Select list(s) to subscribe to


By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, http://www.washingtoninformer.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker