Smithfield CEO testifies before Congress over Chinese deal
WASHINGTON D.C. (WTVR)–The pending and controversial sale of Smithfield foods to China’s Shuanghui International is at the center of a congressional hearing.
Larry Pope, CEO of the world’s largest pork producer, testified before a senate committee today.
Many analysts call the hearing a formality, but food safety has come up as a concern in the $4.7 billion dollar deal between the Virginia company and a Chinese processor.
He defended the deal to members of the senate agriculture committee, and said it would not compromise American food safety or security. He also promised the planned purchase would not result in any U.S. imports of food from China.
The committee on foreign investments is reviewing the deal, which is subject to federal approval.