Smithfield divests non-core assets
January 4, 2010
SMITHFIELD, VA. — A group of investors led by the Rocke Family has completed its purchase of the assets of Smithfield Foods’ RMH Foods, L.L.C.
RMH Foods produces fully cooked beef, pork and chicken entrees to retail customers and the deli and food service channels.
In addition, COFCO Limited, China’s largest national agricultural trading and processing company, has completed its purchase of Maverick Food Company Ltd., Smithfield’s Chinese joint venture.
“The sale of these assets demonstrates our continuing commitment to shed non-core businesses with a greater focus on efficiencies and return on investment capital,” said Larry Pope, president and chief executive officer, Smithfield. “These divestitures are examples of how we have altered our strategy to deliver better returns to our shareholders.”