WH Group Subsidiaries Achieve FORTUNE 500 Rankings in China and U.S.
HONG KONG, July 18, 2014 /PRNewswire/ — Subsidiaries of WH Group Limited ("WH Group"), the world’s largest pork company, have been placed among the 500 largest corporations in China and the U.S. respectively in the latest rankings by FORTUNE magazine. WH Group subsidiary, Henan Shuanghui Investment & Development Co.,Ltd. ("Shuanghui Development"), was placed 125th in China based on its total annual revenue of approximately RMB44.9 billion in 2013, while its U.S. subsidiary, Smithfield Foods, Inc. ("Smithfield Foods") ranked 214th with a total annual revenue of approximately US$13.2 billion in the same year.
This marks the 5th and 17th consecutive year that Shuanghui Development and Smithfield Foods have appeared on the Fortune 500 list respectively.
"Our FORTUNE 500 rankings in the U.S. and China underscore our leading presence in both markets," said WH Group Chairman and Chief Executive Officer Wan Long. "WH Group will continue to drive synergies by connecting our operations in China and the U.S., which are the world’s largest pork consumption market and pork exporter respectively."
As the largest pork companies in China and the U.S. with combined pro forma 2013 revenue of approximately US$21.2 billion, WH Group is also the world’s largest pork and packaged meat company.
Since the acquisition of Smithfield Foods in 2013, WH Group has been opportunistically increasing exports from the U.S. to China, and working closely with Smithfield Foods to introduce premium fresh pork and Western style packaged meat products to Chinese consumers to meet growing demand.
Founded in 1998, Shenzhen-listed Shuanghui Development is the largest animal protein company in Asia. It provides customers with quality food products including fresh pork and packaged meat products.
Smithfield Foods was founded in 1936 and has grown from a pork processing company located on the banks of the historic Pagan River in Smithfield, Virginia, to its status today as the world’s largest pork processor and hog producer.
According to FORTUNE, its top 500 companies are ranked by total revenues for their respective fiscal years. Included in the survey are companies that are incorporated and operate in the country, which file financial statements with a government agency.