More American Industry Sold Overseas

[kscarbel]

For all those thrilled that America's most prominent truckmaker, Mack Trucks, is now nothing but a brand name owned by Sweden's Volvo Group, today's news will mean nothing to you.

But in my mind, it is yet another sad day for America. Yet another brick and mortar United States company, Smithfield Foods, has been sold to a foreign company. America, in the past, led the world (and stabilized the world) with our economic might purely owing to our industrial might. Sadly, those days are being resigned to the history books.

___________________________________________________

WSJ / May 29, 2013

China's Shuanghui to Buy Smithfield Foods

Chinese meat producer Shuanghui International Holdings Ltd. agreed to acquire Smithfield Foods Inc. for about $4.7 billion, striking what would be the largest takeover of a U.S. company by a Chinese buyer.

Shuanghui agreed to pay $34 per share for Smithfield, the world's largest hog farmer and pork processor, marking a 31% premium to Smithfield's Tuesday closing price of $25.97. Including debt, the deal values Smithfield at $7.1 billion.

Smithfield owns an array of household names, including Armour, Farmland and Healthy Ones, and is sold in 12 countries.

[ap40rocktruck]

MMM, so we will soon be able to add Chinese lead to the diets of so many, better learn hieroglyphics in order to read the new branded packaging. On a good note, maybe they will stop using the bloated cow P Dean to promote the salt laden pork & pork by products.

Ap40