Chinese state-owned agribusiness and food processor COFCO has sold its 5% stake in US meat giant Smithfield Foods.

Smithfield said on Friday (16 November) it had paid US$148m for COFCO’s 4.95% stake. 

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

COFCO bought the shares in Smithfield in 2008. At the time COFCO said it wanted to “explore growth opportunities in China’s food industry” with the US pork processor.

Last year, COFCO chairman Gaoning Nang resigned from his seat on the Smithfield board, although Larry Pope, the US firm’s CEO, said the company wanted to “foster [its] relationship” with the Chinese group.

On Friday, after Smithfield announced the acquisition of COFCO’s stake, Pope said: “As the leading consumer of pork, China is an important export market for Smithfield and we will continue to maintain a strong commercial relationship with COFCO going forward. We foresee many future business opportunities for Smithfield and China and our outlook for US pork exports remains positive,” Pope said.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now