1245 ET - The largest U.S. pork processor, Smithfield, continues to slim down the number of hogs it owns. Smithfield says it is selling 28,000 to hog farming company HD3 Farms as part of a new venture operated by HD3 where Smithfield will own a minority stake. HD3 Farms has been a contract farmer for Smithfield for two decades. The new venture will have the capacity to produce 600,000 hogs annually for Smithfield's processing operations. Smithfield made a similar deal earlier this month, selling 150,000 company-owned sows to contract farmer Murphy Farms. Smithfield is in the midst of preparing to list its stock on U.S. markets again. China's WH Group has said it plans to maintain a majority ownership stake in Smithfield while listing its stock on either the New York Stock Exchange or Nasdaq. (patrick.thomas@wsj.com)
(END) Dow Jones Newswires
December 20, 2024 12:45 ET (17:45 GMT)
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