American meatpacker Smithfield Foods may soon be Asian-owned.
Virginia-based Smithfield is the largest hog producer and pork processor in the world and it’s being sold to a Chinese company for a reported price of $4.7-billion.
If the sale to Shuanghai International is approved, it would be the biggest-ever takeover of an American company by a Chinese firm.
Smithfield Foods employs Nebraskans at three major plants — in Omaha, Lincoln and Crete. Smithfield’s John Morrell plant in Sioux City, Iowa, closed in 2010, eliminating 1,500 jobs.
Company officials say if the sale goes through, it could create jobs and U-S pork producers would benefit by having a stronger hold on the world’s largest consumer market.