WH Group To Spin-Off Smithfield Foods
July 25, 2024 | 1 min to read
On July 14, 2024, WH Group Ltd. announced a spin-off of Smithfield Foods’ US and Mexico operations. Post spin-off, WH Group will focus on its Chinese and European markets, while the newly formed Smithfield will manage its premium products in the US and Mexico. The company’s board submitted a proposed spin-off application to the Hong Kong Stock Exchange on July 12, 2024, with plans for the new entity to be listed on a US exchange.
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.
To read the rest of the story, please go to: Forbes