Smithfield Foods reports higher quarterly sales and profits driven by increased pork prices. The company attributes the growth to sustained consumer demand for meat products. Rising wholesale pork prices contribute to improved revenue figures.
WH Group plans to offload **16 million shares** of Smithfield Foods (NASDAQ:SFD) through a secondary offering, reducing its stake in the Virginia-based meatpacker. The move sends Smithfield’s shares down **5.4% premarket** to **$24.14**. The sale is executed by **SFDS UK Holdings**, a subsidiary of WH Group (HKEX:288).
WH Group secures shareholder approval to separate Smithfield Foods as a standalone, publicly listed company in the United States. The move follows the Hong Kong-based pork producer’s plans to restructure its operations, maintaining Smithfield Foods as a key subsidiary in its global portfolio. Shareholders voted in favor of the spin-off during a meeting on Friday.
WH Group, the Chinese owner of Smithfield Foods, is collaborating with banks to potentially list the U.S.-based pork producer in an initial public offering (IPO) on American markets. The move follows earlier efforts to go public in the U.S. The company operates as a major pork producer in the United States.
