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Smithfield’s acquirer expects surge in earnings
Story Date: 7/5/2013
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Source: MEATINGPLACE, 7/3/13
Chinese pork processor Henan Shuanghui, whose parent company has agreed to buy Smithfield Foods, is projecting a net profit increase of up to 66 percent in the first six month of 2013, according to media reports.
The company cited rising domestic demand, adjustments to its product portfolio and lower costs for the profit surge.
Shuanghui projected profits of 1.6 billion to 1.7 billion yuan, or $250 million to $275 million, in the first half of the year, up 59 to 66 percent from the same period a year ago.
The company’s parent, Shuanghui International Holdings, in May agreed to buy Smithfield for $4.7 billion.
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