|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||17.35 - 17.50|
|52 Week Range||15.29 - 20.76|
|Beta (5Y Monthly)||0.66|
|PE Ratio (TTM)||15.56|
|Forward Dividend & Yield||0.45 (2.62%)|
|Ex-Dividend Date||Jun 03, 2021|
|1y Target Est||N/A|
(Bloomberg) -- WH Group, China’s largest pork processor, said it will increase meat imports this year as local prices are likely to stay elevated following the resurgence of African swine fever in the country.While Chinese pork prices will ease in the second half as supply expands, they’ll remain significantly higher than overseas, creating an opportunity for higher imports, Vice President Guo Lijun told reporters after announcing full-year results. Last year, the Hong Kong-listed firm imported 700,000 tons of meat, of which U.S. supplied 70% and the rest was from Europe and South America and includes chicken and beef.The latest swine fever outbreak in China, especially in northern regions, is partly due to the use of “immature vaccines,” Ma Xiangjie, executive director, said at the briefing. This has hurt domestic hog supplies and may cause prices to remain high. However over the full year, pork prices will probably be lower than 2020, he said, without giving an estimate. WH Group did not detect the virus among the pigs it slaughtered.READ: China Cracks Down on Illegal Vaccines as Swine Fever Risks MountThe company expects to benefit from the recovery in Chinese consumption and local hog population from the 2018-19 swine fever outbreak, but sees challenges from rising costs and lower supply from the U.S. and Europe amid the coronavirus pandemic.WH Group owns U.S.-based Smithfield Foods Inc., the largest pork producer in the world. Its Chinese operations contributed 66% to the group’s 2020 profit, while U.S. made up 24%, according to Guo. The company is planning to expand poultry sales this year.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Use of illegal African swine fever vaccines by some Chinese hog producers last year reduced output of hogs and will support prices in 2021, an executive from leading pork processor WH Group said on Tuesday, spurring growth in imports of cheaper meats. China has been trying to rebuild its massive hog herd since the deadly African swine fever virus ravaged the country's farms during 2018 and 2019. But use of unapproved vaccines in a bid to protect against the disease had the opposite effect and ended up killing pigs, said Ma Xiangjie, president of Henan Shuanghui Investment and Development, WH Group's domestic unit.
(Bloomberg) -- Billionaire Clemens Toennies is exploring a sale of Germany’s largest meat processor, almost a year after his namesake company was embroiled in a nationwide scandal due to a huge coronavirus outbreak at one of his packing plants.Toennies Holding ApS & Co.’s family owners are preparing a sale process for the 50-year-old company, according to people familiar with the matter. The business may be valued at as much as 4 billion euros ($4.8 billion) in an auction, they said, asking not to be identified because the discussions are private.The company could start talks with potential bidders as soon as the next few weeks, the people said. Toennies plans to gauge interest from a narrow group of industry peers including Tyson Foods Inc., Brazil’s JBS SA and WH Group Ltd., the Chinese company that bought Smithfield Foods Inc. in 2013, the people said.No final decisions have been made, and there’s no certainty the deliberations will lead to a transaction, the people said. Representatives for Toennies, Tyson and JBS declined to comment. A spokesperson for Hong Kong-listed WH Group didn’t immediately respond to emailed queries outside regular business hours.Clemens Toennies, chief executive officer of the German group, is often described as a brash billionaire. He turned into a public villain when one of his meatpacking plants was ordered to shut after more than 1,500 workers tested positive for Covid-19.The outbreak, Germany’s biggest at the time, led to criticism of the company’s use of low-paid contract workers from eastern Europe and claims that their working environment failed to prevent the spread of the virus. Toennies has since launched a number of initiatives to try to regain the public’s trust.The family’s fortunes are rooted in the industrialization of Germany’s meat production. Clemens Toennies, who owns about 45% of the company, and his nephew Robert, who holds 50%, will both likely sell their stakes in any deal, the people said. The elder Toennies has long been in the public eye, earning the nickname of “the sausage king,” and was previously chairman of German soccer team Schalke 04.Toennies has about 16,500 employees and generated about 7.3 billion euros of revenue in 2019, according to its website. It’s the biggest meat processor in Germany, running slaughterhouses for pigs and cattle. It also makes Boeklunder brand cocktail sausages, Koenecke bockwurst and Wikinger hot dogs.(Updates with JBS response in the fourth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.