Smithfield Bosses to Get $85.4 Million From Chinese Deal
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Smithfield Foods Inc. executives, who run one of the worst-performing large U.S. food makers over the past five years, are set to reap at least $85.4 million from its sale to China’s Shuanghui International Holdings Ltd.
The company has been under pressure from its biggest shareholder for lagging behind competitors Hormel Foods Corp. and Tyson Foods Inc. Continental Grain Co., which has a 6.8 percent stake, said in March that Smithfield should appoint new managers and break itself into three businesses as rising animal-feed costs made its hog-production unit unprofitable.