Smithfield Foods sells cooked meats business, Chinese venture
- January 4, 2010
Smithfield Foods Inc. announced it has sold RMH Foods and Maverick Food Co. Ltd., its Chinese venture, to focus on it core business.
Smithfield sold RMH Foods, which produces cooked beef, pork and chicken entrees, to a group of investors. Maverick Food was sold to COFCO Ltd., China’s largest national agricultural and trading company. Maverick Food mainly produces sausages, ham, bacon, Chinese-style processed meat and frozen and convenience food.
Smithfield is a processor of pork and packaged meats and is the largest hog producer in the U.S.
“The sale of these assets demonstrates our continuing commitment to shed non-core businesses with a greater focus on efficiencies and return on invested capital,” C. Larry Pope, Smithfield president and CEO, said in a statement.