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Smithfield Foods China Agreement
Smithfield Foods, Inc. announced in August that it had entered into an agreement with a major Chinese trading company for the purchase of 60 million pounds of Paylean-free pork for delivery by the end of December.
“We are very pleased to begin a business relationship with this trading company in the Chinese market,” said C. Larry Pope, president and chief executive officer. “Although our agreement today is modest, we believe there could be additional purchases and we are hopeful that this is the beginning of a longer-term and growing association.
“This is a milestone for Smithfield in terms of our business alliances in China and represents another step in our global expansion,” he said.
In addition to being a leader in meat production in the United States, Smithfield Foods now has operations in 13 countries through wholly-owned subsidiaries and joint ventures and exports its products throughout the world.