Smithfield Foods signs agreement with Chinese port group
- June 9, 2011
Pork producer Smithfield Foods has signed a memorandum of understanding with China’s Dandong Port Group to explore business opportunities in northern China.
The agreement was reached during Gov. Bob McDonnell’s recent economic development mission to Asia.
\Under the agreement, the companies will examine ways to grow business through market studies. Dandong owns and operates port and infrastructure facilities throughout northern China, while Smithfield is the world’s largest pork processor and producer.
China imported $42 million worth of U.S. pork in the first quarter of 2011.
“Smithfield gains an important strategic ally in a rapidly developing region of China, and Dandong will serve as the regional hub for supplying the needs of this region as well as other countries in northeast Asia,” McDonnell said in a statement. “ As we work to market Virginia around the world, it is our goal that more deals like this one will be reached, leading to greater exports of high-quality Virginia products to growing markets.”