Smithfield Foods, a leading US producer of meat products being spun out of China's WH Group, filed on Monday with the SEC for an initial public offering that could raise an estimated $1 billion.
Smithfield is an American food company that produces and distributes a wide variety of packaged meats and fresh pork products both domestically and abroad. It is a leading provider of packaged meats in the US, with the #2 branded market position by volume across the 25 key packaged meats categories in which it competes, and is also the largest fresh pork processor in the US with approximately 23% market share. Smithfield operates through three reportable segments - Packaged Meats, Fresh Pork, and Hog Production - and sells its products across a diverse portfolio of brands including Smithfield, Eckrich, and Nathan's Famous, among others.
The Smithfield, VA-based company was founded in 1936 and booked $14.2 billion in sales for the 12 months ended September 30, 2024. It plans to list on the Nasdaq under the symbol SFD. Smithfield Foods filed confidentially on October 4, 2024. Morgan Stanley, BofA Securities, Goldman Sachs, Barclays, Citi, UBS Investment Bank, BNP Paribas, and HSBC are the joint bookrunners on the deal. No pricing terms were disclosed.
