2023 was a year many pork companies would rather forget, with some calling it possibly the worst year on record as costs soared for farmers with accelerating inflation at that time. But as that year fades into memory, profits are returning for many, including leading U.S. producer Smithfield Foods Inc.
The company’s owner, China’s WH Group (0288.HK), is seizing on the turnaround by serving up a Smithfield IPO, whose details were disclosed in a filing with the U.S. securities regulator this week. WH Group first indicated it planned to separately list Smithfield last July, and issued its own brief announcement this week on the application.