Smithfield Foods, Inc., Smithfield, Va., said it sold two meat processing operations, including one in the United States and the other in China.
Smithfield sold "substantially all of the assets" ofRMH Foods, LLC, Morton, Ill., to a group of investors led by the Rocke family, the company's original owner. RMH Foods produces fully cooked beef, pork, and chicken entrees to retail customers, as well as the deli and foodservice channels. The Rocke family started the business in 1937 and sold it to Smithfield in 2001.
Smithfield also said it sold theMaverick Food Company Limited, its joint venture in China's Guangdong province, toChina National Cereals, Oils and Foodstuffs Corporation(COFCO), China's largest national agricultural trading and processing company. Maverick Food produces hot dogs and other sausages, whole and sliced ham, bacon, Chinese style processed meat, and frozen and convenience food.
"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," said C. Larry Pope, Smithfield president and chief executive officer. "These divestitures are examples of how we have altered our strategy to deliver better returns to our shareholders," he continued.
Smithfield sells RMH, Maverick Food
January 4, 2010