In this file:

 

·         China's WH Group, world's top pork processor, reports profit jump

·         Smithfield Foods Joins the White House in Salute of American Agricultural Workers on National Agriculture Day

 

 

China's WH Group, world's top pork processor, reports profit jump

 

Reporting by Dominique Patton; Editing by Louise Heavens and Susan Fenton, Reuters 

March 24, 2020

 

BEIJING (Reuters) - The world’s biggest pork processor, WH Group Ltd (0288.HK), reported on Tuesday a 32% jump in 2019 profits as record high pork prices in China boosted the value of the company’s exports from the United States and lifted margins on its China sales.

 

Group chairman Wan Long said the coronavirus epidemic in China this year has had a very limited impact on operations or demand and that more than 95% of the group’s operations in China were back to normal.

 

Pork prices in China, the world’s biggest producer, soared last year after the African swine fever disease devastated the country’s herd, shrinking the inventory of breeding sows by more than 60%, according to some estimates.

 

WH Group, which owns U.S.-based Smithfield Inc, said 2019 profit attributable to owners of the company, before biological fair value adjustments, totaled $1.378 billion, compared with $1.05 billion a year earlier, while revenues rose 6.6% to $24.1 billion.

 

It said its China operations were “severely constrained” by lower supplies of hogs and softer demand as pork prices escalated. It processed 13 million hogs in China, down 19% on the prior year.

 

Sales of packaged meats in China, the group’s largest source of profits, were flat on 2018 as consumer demand slowed.

 

However, WH Group saw a 46% increase in operating profit in its fresh pork business as it sold off large inventories of frozen meat stored when prices had been low and also boosted imports of cheap pork from the United States.

 

In the United States, operating profit from fresh pork tripled that of 2018 to $150 million as values rose on the strong export prospects, particularly in the second half of the year when trade disruptions weakened, said the company.

 

China’s hog production and slaughter volume will further decrease in 2020…

 

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https://www.reuters.com/article/us-china-whgroup/chinas-wh-group-worlds-top-pork-processor-reports-profit-jump-idUSKBN21B175

 

 

Smithfield Foods Joins the White House in Salute of American Agricultural Workers on National Agriculture Day

Agriculture and food workers remain critical and essential in our nation’s response to COVID-19

 

Source: Smithfield Foods

via StreetInsider.com - March 24, 2020

 

SMITHFIELD, Va., March 24, 2020 (GLOBE NEWSWIRE) -- Yesterday, President Donald J. Trump issued a proclamation declaring March 24, 2020 as National Agriculture Day, highlighting the critical and foundational nature of farmers in the American economy and American way of life.

 

In his proclamation the President stated, “As our Nation continues to face the unique challenges posed by the coronavirus pandemic, we pay tribute to the unbeatable strength of America's agricultural producers as they once again answer the call to feed our country and the world. On this National Agriculture Day, and now more than ever, we salute and honor the men and women who contribute daily to our national prosperity.”

 

At Smithfield Foods, we join the White House in rising up to salute our American food heroes, including the 40,000 Smithfield employees on our farms and in our facilities, thousands of family farmers and other partners in the supply chain who feed millions of people in the United States and around the world every day.

 

Smithfield Foods President and CEO Kenneth M. Sullivan recently highlighted the critical and essential nature of agriculture and food workers in our nation’s ongoing response to COVID-19, noting that it is expressly because of the dedication of agriculture and food workers that we continue to have food on tables across America.

 

“U.S. agriculture and food workers are the lifeblood of our communities and our economy, today more than ever,” Sullivan stated. “I applaud the President for honoring and celebrating the vital role these hardworking men and women are playing during this crucial time. We all owe them a great debt of gratitude.”

 

About Smithfield Foods, Inc.

Headquartered in Smithfield, Va. since 1936, Smithfield Foods, Inc. is an American food company with agricultural roots and a global reach. Our 40,000 U.S. employees are dedicated to producing “Good food. Responsibly.®” and have made us one of the world’s leading vertically integrated protein companies. We have pioneered sustainability standards for more than two decades, including many industry firsts, such as our ambitious commitment to cut our carbon impact by 25 percent by 2025. We believe in the power of protein to end food insecurity and have donated hundreds of millions of food servings to our neighbors in need. Smithfield boasts a portfolio of high-quality iconic brands, such as Smithfield®, Eckrich® and Nathan’s Famous®, among many others. For more information, visit www.smithfieldfoods.com, and connect with us on Facebook, Twitter, LinkedIn and Instagram.

 

Contact:

MWWPR for Smithfield Foods

Jenna Wollin

(646) 376-4201

jwollin@mww.com

 

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