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BUZZ-Chinese pork group WH falls further after Smithfield announces U.S. plant closure next year

reuters.com · 06/13/2022 01:51
BUZZ-Chinese pork group WH falls further after Smithfield announces U.S. plant closure next year

** Shares of Chinese pork processing giant WH Group Ltd WHGRF fall nearly 2% to HK$5.50, their lowest since May 17, and on course for a fifth consecutive session of drop

** WH Group-owned Smithfield Foods, the largest pork processor in the world, said on Friday it would close its Vernon, California, plant in early 2023 and reduce its hog herd in the West nL1N2XX1QBnFWN2XX02D

** The closure, which the company attributed to "escalating cost of doing business in California," comes as the state rolls out a new law requiring livestock be given more spacious confinements

** The Hang Seng Composite Industry Index on consumer staples .HSCICS falls 1.7% and the benchmark Hang Seng Index .HSI drops 3.2%


(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))