Smithfield Foods Completes Sale Of RMH Foods, Maverick Food
To shed non-core businesses
Smithfield Foods, a processor and marketer of pork and packaged meats, has completed the sale of substantially all of the assets of RMH Foods, to a group of investors led by the Rocke family. RMH Foods produces cooked beef, pork, and chicken entrees for retail customers, and the deli and foodservice channels.
During the same time the company revealed that it has also completed the sale of Maverick Food, its Chinese joint venture, to COFCO, an agricultural trading and processing company in China. Maverick Food focuses on hot dogs and other sausages, whole and sliced ham, bacon, Chinese style processed meat, frozen and convenience food.
Larry Pope, president and chief executive officer of Smithfield Foods, said: The sale of these assets demonstrates our continuing commitment to shed non-core businesses with a greater focus on efficiencies and return on invested capital. These divestitures are examples of how we have altered our strategy to deliver better returns to our shareholders.”
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