Smithfield Foods, a wholly owned subsidiary of WH Group, a public traded company in China is considering an initial public offering. The Company acquired in 2013, has engaged Goldman Sachs, Morgan Stanley and Bank of America to facilitate the IPO that would raise up to $1 billion.
WH Group led by Chairman Wang Long with 17 percent of the equity, is the largest Pork producer in the World. Smithfield Foods is the leader in volume in the U.S. The Company has responded to declining margins and adverse market conditions by consolidation, closing unprofitable plants and mothballing breeder farms with layoffs of workers and other personnel.
For Fiscal 2023 the WH Group earned $629 million on revenue of $26,236 million representing a decline in income of 54 percent from FY 2022.