Smithfield Foods CEO to testify before Senate Ag
June 27, 2013 | 07:15 PM
Smithfield Foods CEO Larry Pope will testify before the Senate Agriculture Committee on July 10 at a hearing on the pending sale of his company, the world’s largest pork producer and processor, to Shuanghui International, a Chinese food company, Senate Agriculture Committee Chairman Debbie Stabenow, D-Mich., announced today.
The hearing, entitled “Smithfield and Beyond: Examining Foreign Purchases of American Food Companies,” will examine the purchase, which would be the largest Chinese company acquisition of an American company in history, Stabenow said in a news release.
The hearing will also more broadly examine how the government review process of foreign acquisitions of U.S. companies addresses American food safety, protection of American technologies and intellectual property, and the effects of increased foreign ownership of the U.S. food supply, she added.
Last week Stabenow and Senate Agriculture Committee ranking member Thad Cochran R-Miss., led a bipartisan group of 15 senators in writing a letter urging Treasury Secretary Jacob Lew to include both the Agriculture Department and the Food and Drug Administration in the government review of the proposed purchase of Smithfield Foods.