Chinese Company Acquires Smithfield JV

by 5m Editor
30 December 2009, at 10:29am

CHINA - China National Cereals, Oils and Foodstuffs Corporation (COFCO) has agreed to acquire Maverick Foods, a joint venture between Smithfield Foods and Artal Group.

COFCO, China's largest edible oil and food producer, has announced today (30 December) that it has signed an agreement to acquire a China-based foreign-invested food enterprise for 194 million yuan (CNY; US$28.4 million).

According to CRI English, the foreign-invested food producer was Maverick Food Co. Ltd., which was jointly established by Smithfield Foods Inc. of the US and Belgium's Artal Group.

After the acquisition, Maverick Food will be a wholly owned subsidiary of the COFCO, under the management of the company's meat product chain, said COFCO president, Yu Xubo.