Smithfield Meats is Selling out to a China Company

[redwood carlos]

I am unsure why any company (owned/funded/special access to funds by Foreign Government) is allowed to buy any USA company.

 

[michael ark]

This is nothing new armz a russin state ran company bought out a uranium mine in the us. Would post links but would just get in trouble For free speach.

 

[chef jimmyj]

I am unsure why any company (owned/funded/special access to funds by Foreign Government) is allowed to buy any USA company.

" It is all about the Benjamins! "...Seriously, there are many companies in the US that do great and pay dividends to their stock holders, keeping the company American owned and operated....But it don't matter if the money comes from China, Afghani Taliban or Martians...You get an offer 30% over Market, you can bet Dollars to Donuts, the Company Owners/Shareholders will vote to SELL!!!!....JJ

 

[redwood carlos]

" It is all about the Benjamins! "...Seriously, there are many companies in the US that do great and pay dividends to their stock holders, keeping the company American owned and operated....But it don't matter if the money comes from China, Afghani Taliban or Martians...You get an offer 30% over Market, you can bet Dollars to Donuts, the Company Owners/Shareholders will vote to SELL!!!!....JJ

They were taking on 2.7 Billion in debt the company currently has.

 

[jp61]

They were taking on 2.7 Billion in debt the company currently has.

Lots of natives with pitchforks and sickles craving pork..... in the long run it's cheaper than breaking out the tanks again.

 

[chef jimmyj]

They were taking on 2.7 Billion in debt the company currently has.

I don't know anything about that...I just going by what the OP has on page one...Not to mention, in general, offer 30% more than something is worth and lots of people will sell. I LOVE my $300 MES but offer me $400 and it's yours! 

...JJ

Under the terms of the deal, Shuanghui, which is the largest pork processor in China, will pay $34 a share for Smithfield, 31 percent above the company’s closing share price on Tuesday.

 

[dward51]

If you are shopping at Walmart, Sam's, BJ's or Costco, everything else you buy there is Chinese Crap! Might as well add Meat to the list. The article may say the goal is to increase of US hogs to China but there are no guarantees that the Above won't be making a deal to get cheap Chinese Pork in their stores. Kind of sucks to see Phillip's Jumbo Lump Crab at $37/Lb next to a Chinese Import Jumbo Lump at $15...There has got to be Heritage Slaughter House/Butchers within a reasonable drive. You can buy meat where you see the Hogs going in one end of the building and and the Ribs in the Case at the other end. Then there is no doubt what you are getting...JJ

Same thing will happen with pork once they start shipping the bulk of the meat over to China.  Once US raised swine prices climb in the US (supply and demand once you shift supply to China), then they can import the inferior culled product from China to the US on the cheap and the sheeple will lap it up as a bargain.

 

[dward51]

Not sure if it will be the same sort of 'deal' but years ago I worked for Sysco Foods as a sales rep slinging food to restaurants. There was a serious shortage of chicken thighs & the Hispanic & Chinese restaurant owners were going crazy with not only the price increases but availability of product. I was told by Sysco buyers that one of the problems was the shipments of thighs to China. Seems a 'contract' had been struck for X amount of meat that HAD to be shipped regardless of what was happening to the market here. They have the clout & cash to be able to buy thousands of pounds at a time. Hoping it won't be the same with this deal or yes, cargo ships will be loaded first and local consumers will have to deal with shortages and high prices. Their farms cannot support the amount of people needing to eat so much is imported. Whatever we export to them should be at top dollar. But, I agree with others here....time to start looking into locally raised critters. I don't trust the Chinese to regulate anything or, most of Asia, for that matter.

Which is exactly why meat prices are already climbing here.  Last year during the height of the drought, congress refused to ease the requirement that "X" amount of corn & grain be made into alternative fuel products.  Feed prices spiked as the limited supply of corn was still being sent to the alcohol fuel plant while food stock animals were starving and being culled.  Now the herd is less than usual so again supply and demand causes higher meat prices.  Factor in shipping more pork out of the USA and it will just get worse.

And the real bitch of it all is they are buying our country with the money we pay them for having bought our debt.   Might as well just sign the whole lot over to them and be above board about it.

PS - once the deal is done, there is nothing to stop the new owners (with no shareholder responsibilities remaining) from saying "sorry, we're shipping it all back home to China".  Boycott will mean nothing as it just makes Smithfield's survival "as is" even more unlikely and put financial pressure on the DOJ to approve the sale, and the Chinese buyers could care little about a boycott as once they own it they probably ain't going to sell it to us anyway.

 

[foamheart]

You remember that the government stepped in when they thought China had bought Unocal! Of course that was long ago.

My question is more related to my tummy, so who else is there?

 

[smokinhusker]

This is also in the article: "The acquisition, which is subject to regulatory approval by the Committee on Foreign Investment in the United States, is expected to close in the second half of the year." 

 

[roller]

I needed a new pair of wire cutters so went to WW yesterday to see what they had because its closer than Lowes by 20 miles.. The pair that I had been using were a cheap pr. that I do not remember where I got them but they sucked.. I found several pr. made in China for 3 to 4 $ then I found a pair made in the USA and they were 16$ so I bought them and I am sure that they will last me forever...Very good quality and they feel right in your hand and not that Little Ole Chinese hand...

 

[desertlites]

I agree with chef jimmy, if  persons  would quit buying China Chit and avoid the stores that supply it not only would it make a strong point to those in charge but it would help from getting hot under the collar. Like Ross Perot said when running for pres- (in the near future you all will hear a big sucking sound) and boy is it getting loud!! I will add Smithfield to my long list to avoid. 

 

[palladini]

Smithfield, about ten years ago or so, purchased J. M. Schneider Foods, then was promptly sued by Maple Leaf foods, because they wanted to buy the company.  Seem Maple Leaf made an offer that JM refused.  Then a few years later, Maple Leaf did manage to get the company and from that day forward, J. M. Schneider Foods have sucked, they changed every product they made, shame on them.

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• palladini
• Jun 25, 2013

 

[foamheart]

I understand that Paula Deen has dropped Smithfield, wait, oh, never mind.......

 

[kathrynn]

It never ends does it!

Kat

 

[s2k9k]

It never ends does it!

Kat

:laugh1:

 

[foamheart]

Right or wrong?

http://www.bbc.co.uk/news/science-environment-25576718

 

[daveomak]

I think that is absolutely WONDERFUL...... Clone a pig that is all BELLY !!!!!!........ MORE BACON !!!!!!........

 

[mdboatbum]

 
Right or wrong?

http://www.bbc.co.uk/news/science-environment-25576718

Wrong on many, many levels. Wonder if this has anything to do with the recent epidemic in pigs, threatening to reduce numbers by double digit percentages and drive prices through the roof.