WH Group chief cautious about expanding Smithfield in China due to pork glut
WH Group Ltd will be cautious about expanding Smithfield’s pork processing operations in China due to overcapacity in the world’s top pork market, chairman and chief executive officer Wan Long said in an interview on Tuesday.
Speaking on the sidelines of parliament’s annual meeting, he said he expects pork prices to drop to an average of 14 yuan to 15 yuan ($4.20) per kg this year after hitting records in 2016.
WH Group bought Smithfield Food Inc, the world’s biggest pork producer, in 2013 for almost $5 billion. ($1 = 6.8975 Chinese yuan renminbi) (Reporting by Dominique Patton; Writing by Josephine Mason; Editing by Christian Schmollinger)