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)