John Morrell Sold To Chinese
by KDLT News
September 24, 2013 9:42 PM
It's official, the John Morrell plant in Sioux Falls is owned by a Chinese company. The largest takeover of an American company by a Chinese corporation was approved Tuesday.
Shareholders of Smithfield Foods agreed to sell the company to a Chinese holding firm, Shuanghui International. Smithfield is the world's largest pork producer and processor.
The deal is expected to officially close Thursday and is valued at $7.1 billion. The Chinese company is paying $34 a share.
For the time being, the current management will stay and the Chinese company says it will honor labor agreements.
John Morrell plant employs more than 3,000 workers in Sioux Falls.