Smithfield Foods, with 10,000 NC employees, to be sold to Chines - WBTW-TV: News, Weather, and Sports for Florence, SC

Smithfield Foods, with 10,000 NC employees, to be sold to Chinese

Posted: Updated:
Google Maps image of the Tar Heel plant. Google Maps image of the Tar Heel plant.
  • Most Viewed StoriesMost Viewed StoriesMore>>

  • Teens hurt after falling from carnival ride

    Teens hurt after falling from carnival ride

    Monday, September 1 2014 6:46 AM EDT2014-09-01 10:46:21 GMT
    Teens hurt after falling from carnival ride in Texas.Teens hurt after falling from carnival ride in Texas.
    Two teenagers were rushed to University Medical Center in serious condition, that according to emergency dispatchers, who said they fell more than 12 feet from a ride at Saint Anthony's Bazaar on Sunday night.It happened shortly past 10 p.m.Dispatchers said firefighters also requested a ladder to rescue somebody stranded on the ride. The Crimes Against Children unit is investigating. There was no immediate indication from police of why that unit is involved.
    Two teenagers were rushed to University Medical Center in serious condition, that according to emergency dispatchers, who said they fell more than 12 feet from a ride at Saint Anthony's Bazaar on Sunday night.It happened shortly past 10 p.m.Dispatchers said firefighters also requested a ladder to rescue somebody stranded on the ride. The Crimes Against Children unit is investigating. There was no immediate indication from police of why that unit is involved.
  • Siblings charged with incest in truck after watching 'The Notebook' near Savannah

    Siblings charged with incest in truck after watching 'The Notebook' near Savannah

    Thursday, August 28 2014 5:00 PM EDT2014-08-28 21:00:20 GMT
    Buckner and Savoy (images from WSAV)Buckner and Savoy (images from WSAV)
    Siblings from just outside Savannah have been charged with incest after they had sex in a truck near a school just after watching a romance movie, deputies say.The Effingham County Sheriff's Office says 20-year-old Christopher Buckner of Guyton and her half-brother,
    Siblings from just outside Savannah have been charged with incest after they had sex in a truck near a school just after watching a romance movie, deputies say.The Effingham County Sheriff's Office says 20-year-old Christopher Buckner of Guyton and her half-brother,
  • One car wreck kills 6 in Texas

    One car wreck kills 6 in Texas

    Monday, September 1 2014 1:13 PM EDT2014-09-01 17:13:48 GMT
    Six people died in one-car crash in Texas.Six people died in one-car crash in Texas.
    A one vehicle accident in Dallas Sunday night has left six people dead. According to law enforcement officials, the driver lost control of that vehicle while heading southbound on Bonnie View Road. The vehicle struck a curb with a rear tire and then hit the median on the opposite side of the road, smashing into a tree on the passenger side. Emergency crews arrived quickly and asked for heavy rescue response due to people who were trapped inside of the wreckage. Investigators said that speed w...
    A one vehicle accident in Dallas Sunday night has left six people dead. According to law enforcement officials, the driver lost control of that vehicle while heading southbound on Bonnie View Road. The vehicle struck a curb with a rear tire and then hit the median on the opposite side of the road, smashing into a tree on the passenger side. Emergency crews arrived quickly and asked for heavy rescue response due to people who were trapped inside of the wreckage. Investigators said that speed w...
TAR HEEL, NC -

Chinese meat processor Shuanghui International Holdings Ltd. has agreed to buy Smithfield Foods, the world's largest pork producer, for approximately $4.72 billion.

Shareholders of Smithfield will receive $34 per share under terms of the deal announced Wednesday. That's a 31% premium to the company's closing stock price of $25.97 on Tuesday.

Smithfield  runs the largest slaughterhouse and meat-processing plant in the world, located in Tar Heel, North Carolina in Bladen County.

Both companies' boards unanimously approved the transaction, which still needs approval from Smithfield's shareholders. The transaction may also be subject to review by the U.S.'s Committee on Foreign Investment.

 Smithfield has 10,000 workers and several operations in North Carolina, including in Kinston, Wilson, Tar Heel and Rose Hill. 

The companies put the deal's total value around $7.1 billion. Smithfield Foods Inc. brands include Armour, Farmland and its namesake. Smithfield has about 138.8 million outstanding shares according to FactSet.

Smithfield says the NC workers include those with Murphy Brown, the livestock production subsidiary of Smithfield Foods.  Murphy brown is based in Warsaw.

In a news release, Smithfield says there will be no changes to employee status.

Zip Code Weather!
Get a local weather report and a 10-day forecast by typing in your zip code!
Powered by WorldNow

101 McDonald Court
Myrtle Beach, SC 29588

Telephone: 843.293.1301
Fax: 843.293.1760
Email: news@wbtw.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company