On July 14, 2024, WH Group Ltd. (NASDAQ: WHGLY (ADR), $13.46; Market Capitalization: $8.6 billion), the parent company of Smithfield Foods, announced a spin-off of the latter’s US and Mexico operations.
Post spin-off, WH Group (Remaining Co.) will continue to focus on its operations in China and Europe, catering to packaged meat, fresh meat, catering products, condiments and others through renowned brands like Shuanghui, Krakus, Morliny, Berlinki, etc. On the other hand, Smithfield (Spin-off entity) will continue to overlook the US and Mexico businesses catering to similar segments, including Smithfield’s premium-quality hams, smoked meats, bacon, and fresh pork.
Earlier, on July 12, 2024, the company’s board of directors submitted a proposed spin-off application to the Hong Kong Stock Exchange. The new entity is expected to be listed either on the New York Stock Exchange or the NASDAQ Stock Market in the US.
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