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Smithfield Foods moves closer to first U.S. listing in a decade, WSJ reports – Smithfield Times
Smithfield Foods moves closer to first U.S. stock market listing in a decade, WSJ reports
Published at 6:05 p.m. on Sunday, July 14, 2024
- Smithfield Foods headquarters in Smithfield. (Submitted photo)
WH Group, the Hong Kong-based parent company of Smithfield Foods, plans to list the world's largest pork producer in the United States and Mexico on the New York Stock Exchange or Nasdaq for the first time in a decade of Chinese ownership, according to a report by The Wall Street Journal.
The plan was submitted as part of a recent proposal to the Hong Kong Stock Exchange, where WH Group is listed, according to the newspaper. Smithfield Foods, headquartered in the city of the same name in Virginia, did not immediately respond to Smithfield Times' request for confirmation or comment on the announced listing.
The Journal previously reported on Oct. 19, citing unnamed sources, that Smithfield Foods was working with banks to potentially list its shares publicly in 2024. Company officials at the time told the Journal that it was speculating and would not confirm whether a U.S. listing was imminent.
Jim Monroe, Smithfield Foods' vice president of corporate affairs, told the Times last fall that a U.S. stock market listing was an option the company regularly evaluated.
According to the Journal's July 14 report, WH Group expects Smithfield US and Mexico to remain a subsidiary of its Chinese parent company, and details of the public listing plan, which have not been finalized, will require approval from the Hong Kong stock exchange and the U.S. Securities and Exchange Commission.
The WH Group bought Smithfield Foods in 2013, the last time the company was publicly traded, for $4.7 billion. Monroe said last fall that the company’s annual revenue has grown over the decade, from $13 billion at the time of the sale to $19 billion in 2022. The company employs nearly 40,000 people in the U.S. and 3,000 locally between its headquarters on Commerce Street and the city’s meatpacking plant.
WH Group is already a publicly traded company with investors from around the world, including the United States, Monroe told the Smithfield Times in 2023 after a state law was passed that year to ban foreign adversaries from owning farmland in Virginia. The law, Monroe said, should have no impact on the company because it is “not owned or controlled by a foreign government.”
A July report from the Virginia Department of Agriculture and Consumer Services, however, identified Smithfield Foods subsidiary Murphy Brown LLC as accounting for 96 percent of the 13,890 acres of Chinese-owned land in the state. The company has disputed the state’s figures, saying it owns fewer than 4,000 acres statewide.
This is a developing story.
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