Smithfield Foods has completed the sale of most of its RMH Foods entree business and its Maverick Food joint venture in China for an undisclosed sum.
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The meat processor said today (4 January) that it has sold all of the assets of RMH Foods, which produces fully cooked beef, pork and chicken entrees, to a group of investors led by the Rocke family.
Maverick Food, the group’s Chinese joint venture, has been sold to COFCO Limited, China’s largest national agricultural trading and processing company.
The venture focuses on hot dogs and other sausages, whole and sliced ham, bacon, Chinese style processed meat, and frozen and convenience food.
“The sale of these assets demonstrates our continuing commitment to shed non-core businesses with a greater focus on efficiencies and return on invested capital,” said Larry Pope, president and CEO. “These divestitures are examples of how we have altered our strategy to deliver better returns to our shareholders.”
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