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China’s
consumption of pork is rising with the expansion of its middle class
while there are questions being asked about the safety of the country’s
food supply.
Smithfield’s livestock unit is the world’s largest hog producer,
bringing about 15.8 million of the animals to market a year, according
to the company’s website. It owns 460 farms and has contracts with
2,100 others across 12 U.S. states.
The takeover is valued at $7.1 billion including debt, which would make
it the largest Chinese takeover of a U.S. company, according to data
compiled by Bloomberg.
"China’s
consumption of pork is rising .. ." There's the
key. Not only have the US lost another manufacturer, but the
acquisition means American pigs (no. not the Congressional
Democrat Women's Caucus) will be heading to Mao-Town.
Watch US pork prices skyrocket as supply dwindles.
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YOU SAW THE MOVIE
I can't see a downside.
ReplyDeletehttp://www.hcn.org/issues/43.5/cattlemen-struggle-against-giant-meatpackers-and-economic-squeezes/the-big-four-meatpackers-1
In a free market, buy all you want. We'll make more.
.
If they didn't throw all their pigs in the river they'd have some.
ReplyDeleteAmerican products are very popular in China do to the perceived safety and quality control of US products especially food products. The Chinese company will get better sales because they can put a US source on the label and they can also dump all of the Helicopter Ben dollars for something tangible. Oh lord the temptation to make "pork" and "spam" jokes.
ReplyDeleteSmithfield is in the processed meats business and except for a subsidiary in Canada and another in Poland, they buy dead raw meat, sometimes referred to as "green meat" for processing.
ReplyDeleteChinese Walmarts sell fresh meats which means they sell it or smell it. Perhaps Smithfield can teach them to smoke the meat first for shelf life.
This is disturbing. Just as I have perfected my Cuban roast pork.
ReplyDeleteThe heathen Chinee must be getting weary of gazing on their engravings of Ben Franklin. I thought Chairman Bernanke told them that the portraits were for holding and not for spending.
ReplyDeleteMaybe now they will kill fewer American dogs with their bad products.
ReplyDelete
ReplyDeleteAw shit! This is really disturbing on so many levels. They didn't acquire Paula Dean in the deal. . . did they?
Geo
cornering the market on halal pork products?
ReplyDelete"You are sopplised I fang you'uh creavage!"
ReplyDelete