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    288   KYG960071028

WH GROUP LIMITED

(288)
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End-of-day quote. End-of-day quote Hong Kong Stock Exchange - 09/17
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09/09WH : Buys Back, Cancels Nearly 2 Billion Shares
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09/08Hong Kong Hang Seng Down 0.1% as Tech Issues Slip
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WH : Smithfield Foods stops slaughtering pigs at U.S. hometown plant

07/13/2021 | 06:59pm EDT
FILE PHOTO: A water tower with the town slogan ham, history and hospitality rises over Smithfield Virginia

CHICAGO, July 13 (Reuters) - Smithfield Foods, the world's largest pork processor, has stopped slaughtering pigs in the United States' so-called ham capital, where the company was founded 85 years ago.

The end of slaughtering in Smithfield, Virginia, is the latest reconfiguration for the company's namesake plant and follows a months-long internal review of its East Coast operations, Smithfield Foods said in a statement.

The company, owned by Hong Kong-listed WH Group, is shifting slaughtering to some of its 47 other U.S. facilities and spending $5 million to upgrade the Virginia plant to produce more packaged bacon, ham and other pork products, said Keira Lombardo, chief administrative officer.

Smithfield, Virginia, is a tourist destination based on its history as Smithfield Foods' hometown and boasts a museum featuring the world's oldest ham.

The company retooled the plant in 2019 to ship hog carcasses to China, the world's top pork consumer, and again last year to supply more pork to U.S. customers during the COVID-19 pandemic.

U.S. meat companies came under scrutiny during the pandemic as plant workers got sick and died, and slaughterhouse shutdowns highlighted supply-chain vulnerabilities.

Smithfield's facility has the capacity to kill about 10,000 hogs a day but has been slaughtering roughly 7,000 to 7,500 hogs daily, said Steve Meyer, economist for consultancy Partners for Production Agriculture. He said there are fewer hogs along the eastern seaboard after farms closed.

"Taking that plant out probably doesn't have much of an impact," Meyer said. "It leaves us snug as a country as far as hog supply verses capacity this fall."

One East Coast hog supplier, Maxwell Foods, said last year it would close and filed a breach of contract lawsuit against Smithfield Foods.

Smithfield Foods, which named a new chief executive on Friday, will reassign some of the Virginia plant's 1,900 employees within the facility and a small number will have positions available at other locations, according to the company.

(Reporting by Tom Polansek; Editing by Cynthia Osterman and Karishma Singh)


ę Reuters 2021
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Financials (USD)
Sales 2021 26 806 M - -
Net income 2021 1 249 M - -
Net Debt 2021 1 428 M - -
P/E ratio 2021 8,65x
Yield 2021 4,87%
Capitalization 9 447 M 9 448 M -
EV / Sales 2021 0,41x
EV / Sales 2022 0,37x
Nbr of Employees 106 000
Free-Float 58,0%
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Number of Analysts 18
Last Close Price 0,74 $
Average target price 1,14 $
Spread / Average Target 55,3%
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Managers and Directors
Gordon Lijun Guo Chief Executive Officer & Executive Director
Long Wan Executive Chairman
Kong Wai Lee Independent Non-Executive Director
Ming Huang Independent Non-Executive Director
Jin Tin Lau Independent Non-Executive Director
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