All these Brand Names were bought out and are China-supplied pork products, no longer American. Use your conscience when purchasing, no longer supporting American jobs.
Well that about covers every brand in NJ stores near me. Looking to move back to PA nearer to my kids. Many areas have small slaughter house butcher shops. They process local beef and pork. Some times hit or miss on grade but you know what you are getting has been raised right. Thanks Pops...JJ
I think you may be mistaken....
Smithfield has been a world wide business... It employs MANY folks here in the US... Just the majority ownership changed hands... Smithfield was owned world wide because it was, and still is, traded on stock markets...
The company had 46,050 employees in the United States, Mexico and Europe as of 2012, and an annual revenue of $13 billion. It raises 15.8 million pigs a year, producing 3.8 billion pounds of fresh pork and 2.7 billion pounds of packaged meat, sold as 50 brands of pork products and 200 gourmet foods. Along with specialty brands such as Paula Deen Collection, and international brands such as Weight Watchers, the company's 12 core brands are Armour, Carando, Cook's Ham, Curly's Foods, Eckrich, Farmland, Gwaltney, Healthy Ones, John Morrell, Kretschmar, Margherita, and Smithfield. The company also operates The Genuine Smithfield Ham Shoppe and a restaurant, Taste of Smithfield, both in Smithfield, Virginia.
On 29 May 2013, Shuanghui Group, also known as the Shineway Group, the largest meat producer in China, announced a purchase of all of the stock of Smithfield Foods, Inc. for approximately $4.72 billion. It was also announced by Shuanghui that it would list Smithfield on the Hong Kong Stock Exchange after completing the takeover. On 6 September 2013 the U.S. government approved Shuanghui International Holding’s purchase of Smithfield Food, Inc. The deal was valued approximately $7.1 billion. It since has been the largest stock acquisition by a Chinese company of an American company to date.
Not something I will see but I figure at this rate my Great Grandkids will be using Chopsticks to eat their Smoked Mu Shu Pork in the newly named United States of Amer/Asia......JJ
I just get sad when I see the news and the opening reports are how the fastest growing middle class Wealth is in China and how the American middle class is near extinction because of the massive loss of Manufacting Jobs going overseas. The Service industry in the US just can't pay what manufacturing has over the last 60 years. I too am to blame... I bought a Made in China MES40 rather than a similar sized American made Cookshack......JJ
Between your original post and post #8, you make 3 statements, that on the surface, appear to be factual. Being pretty familiar with how the deal went down between Smithfield Foods and Shuanghi Development Group, I'm curious as to your source of the facts and information when you say the following,
1. "All these Brand Names were bought out and are China-supplied pork products, no longer American"
That's somewhat true. All of the brands, and much, much more, were purchased by the Hong Kong based company Shuanghi when it fully acquired Smithfield in 2013. Beyond that, the rest is false as the subject of exporting Chinese made pork products, under those brand names, or others, to the U.S. wasn't even a topic of discussion. It's the other way around with Shuanghi, China's largest pork producer, being unable to meet the growing demands it's country's citizens. Beyond Smithfield being a source of pork, or pork products, for China, another major element to the deal was to acquire and adapt Smithfield's processing technology to it's existing facilities, and where that's been accomplished to date, it's estimated that production has increased by approximately 300%.
2. "Use your conscience when purchasing, no longer supporting American jobs.
False. Since the date of acquisition, the U.S.direct employee count for the Smithfield side of the deal has increased by 5%, to a little over 48,000. Direct employment refers to those individuals that are on the payroll at any of their processing, distribution, and administrative locations in the U.S. as well as those employed by the nearly 600 farms and feedlots they operate on the country. It also goes to say that, via a trickle down effect, a similar growth pattern has been probably been experienced by the many vendors and suppliers to the company.
3. "Well, the end result is that the Chinese are profiting, not us.
How's that? For openers, the shareholders, many of whom were employees at the acquisition, got a nice surprise when Shuanghi offered to purchase Smithfield at a per share price that called for a 30% premium over the last trading price the day prior to of the offer. Also, Smithfield's overall performance had somewhat stagnated and they were struggling with servicing approximately $2.9 billion of debt that Shuanghi assumed. All things considered, Smithfield's future prospects look much more positive than they did prior to the acquisition.
Beyond those directly associated with Smithfield and it's business operations, you seem to imply that "We", as U.S. consumers, have, or will be, taking some type of loss. I'm not sure what you mean by that.
So maybe you could enlighten and explain to me, or maybe all of us, about our loss, and the basis of the statements that you have made.