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Smithfield Foods spins off European business amid US IPO plans
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Smithfield Foods spins off European business amid US IPO plans
Aug 27, 2024 8:50 AM

Aug 27 (Reuters) -

Smithfield Foods, the world's largest pork processor, on

Tuesday announced the separation of its European operations as

the Virginia-based firm plans to list in the United States.

WH Group ( WHGRF ), Smithfield's China-based parent

group, was working with banks last year to take the pork

producer

public again

in the U.S., but it has not revealed a timeline.

"It's the right time to establish our North American and

European operations as standalone businesses empowered to

execute distinct strategies addressing different market

environments and opportunities," said Shane Smith, president and

CEO of Smithfield Foods.

The separated European operations will remain with WH

Group ( WHGRF ).

Smithfield Foods and Morliny Foods, previously known as

Smithfield Europe, supplies fresh pork and poultry and packaged

meats across the continent from operations in Poland, Romania,

Slovakia, Hungary, Spain and the UK.

Morliny Foods has adopted a region-specific growth

strategy to address a more fragmented European market with

different market dynamics than in North America, the company

said in a release.

"We will benefit by being a nimbler competitor with a

focused strategy addressing the European food market," said Luis

Cerdan, CEO of Morliny Foods.

(Reporting by Seher Dareen in Bengaluru; Editing by Devika

Syamnath)

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