Smithfield Subsidiary Sells European Meat Processing Business
Smithfield Foods, Inc., a Smithfield, Va., wholly owned subsidiary of WH Group Ltd. based in Hong Kong, announced the sale of its entire equity interest in Campofrio Food Group, Spain, to Alfa for $354 million in cash. The sale represents approximately 37% of the entire issued share capital of Campofrio.
"This transaction reflects Smithfield's commitment to continually review our portfolio and generate cash to support our long-term priorities. It is aligned with our strategic initiative to strengthen our balance sheet and reduce our financing costs," says C. Larry Pope, president and CEO of Smithfield.