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Yahoo
24-04-2025
- Business
- Yahoo
GOP governor hopeful pushes anti-China policy after years of Chinese investments
New Jersey Republican gubernatorial candidate Jack Ciattarelli invested in Chinese companies, including an organization that owns U.S. farmland and companies with ties to the Chinese military and the Chinese Communist Party (CCP), a Fox News Digital review of financial disclosures found. New Jersey state Sens. Doug Steinhardt and Michael Testa sponsored a bill in 2023 that would restrict "all ownership of agricultural land in state by foreign governments and persons." Ciattarelli told New Jersey voters at a town hall on Thursday that he would sign the bill into law if elected. "No foreign entities should be able to buy our farmland," Ciattarelli said. While Ciattarelli said, as governor, he would advocate in the New Jersey legislature against foreign entities owning U.S. farmland, financial disclosures from 2015, 2016 and 2021 revealed the New Jersey Republican's investments in WH Group, a Chinese company that acquired about 146,000 acres of U.S. farmland when they bought Smithfield Foods for approximately $4.7 billion in 2013. Movement To Ban Chinese Farmland Purchases Near Military Bases Gains Steam In The Senate Ciattarelli disclosed his 2021 investments in WH Group during his second unsuccessful campaign for New Jersey governor. Ciattarelli was the Republican nominee for governor in 2021 but ultimately lost to incumbent Gov. Phil Murphy, D-N.J., who is term-limited this year. Read On The Fox News App Gop Candidate Rips Blue State Directive Meddling In Police Force's Cooperation With Ice: 'Handcuffed' "I would hope that counties that have open space funds would beat foreign entities to the farmland and make sure it stays preserved as open space. Until we can sign a law into place, we should know the intentions of any foreign entity when it starts buying up our land," Ciattarelli said Thursday. The Smithfield Foods CEO confirmed in March 2025 that WH Group, the largest pork company in the world, has seen ownership of U.S. farmland down about 40% in the past two years, from a high of about 145,000 acres to about 85,000 acres. As a businessman, Ciattarelli has a long and diverse portfolio of investments. In addition to WH Group, Ciattarelli has disclosed investments in Chinese companies that include China National Offshore Oil Corporation Limited, Ping An Insurance, China Lodging Group Limited, China Mobile Limited, Sinopec Shanghai Petrochemical Company Limited, NetEase, Inc., and China Eastern Airlines Corporation Limited. Ciattarelli's financial disclosures filed April 3, 2025, revealed he has since divested from these Chinese companies. When reached by Fox News Digital for comment, his campaign declined to explain why he had divested. One of those companies, the Chinese National Offshore Oil Corporation (CNOOC), was added in 2021 to the Entity List by the Department of Commerce, which restricts trade, for threatening national security "by helping China intimidate neighbors in the South China Sea." In 2024, the Department of Defense identified China Mobile as one of several "Chinese Military Companies Operating in the United States." Trump signed an executive order in 2020, restricting U.S. investments that finance the "People's Republic of China's military-industrial complex," which included China Mobile. The New York Times also reported in 2018 on the Chinese Communist Party's increased control and influence at Sinopec Shanghai Petrochemical Company Limited. Sinopec is one of the largest oil and gas companies in the world and a state-owned enterprise run by the Chinese government. A campaign spokesperson told Fox News Digital that Ciattarelli's financial advisor manages his investment portfolio. "This is old news - literally from years-old filings that have been public for a long time," Chris Russell, a spokesperson for Ciattarelli's campaign, said in a statement to Fox News Digital. "In fact, four years ago, one of Jack's opponents tried to attack him on this, and it fell completely flat. That his current opponents are recycling these same lame attacks proves how desperate they are to breathe life into their dead campaigns. The truth is that, just like millions of other New Jerseyans, Jack allows his professional financial advisor to manage his investment portfolio. Voters understand how that works." Ciattarelli launched his third consecutive Republican gubernatorial campaign in April 2024. He is a businessman and entrepreneur who held local offices on the Raritan Borough Council, the Somerset County Freeholder Board and in the New Jersey State Assembly. His Republican primary challengers include conservative media commentator Bill Spadea, State Sen. Jon Bramnick, former Englewood Cliffs Mayor Mario Kranjac and a contractor from Burlington County, Justin Barbera. The New Jersey primary will be on June article source: GOP governor hopeful pushes anti-China policy after years of Chinese investments
Fox News
24-04-2025
- Business
- Fox News
GOP governor hopeful pushes anti-China policy after years of Chinese investments
New Jersey Republican gubernatorial candidate Jack Ciattarelli invested in Chinese companies, including an organization that owns U.S. farmland and companies with ties to the Chinese military and the Chinese Communist Party (CCP), a Fox News Digital review of financial disclosures found. New Jersey state Sens. Doug Steinhardt and Michael Testa sponsored a bill in 2023 that would restrict "all ownership of agricultural land in state by foreign governments and persons." Ciattarelli told New Jersey voters at a town hall on Thursday that he would sign the bill into law if elected. "No foreign entities should be able to buy our farmland," Ciattarelli said. While Ciattarelli said, as governor, he would advocate in the New Jersey legislature against foreign entities owning U.S. farmland, financial disclosures from 2015, 2016 and 2021 revealed the New Jersey Republican's investments in WH Group, a Chinese company that acquired about 146,000 acres of U.S. farmland when they bought Smithfield Foods for approximately $4.7 billion in 2013. Ciattarelli disclosed his 2021 investments in WH Group during his second unsuccessful campaign for New Jersey governor. Ciattarelli was the Republican nominee for governor in 2021 but ultimately lost to incumbent Gov. Phil Murphy, D-N.J., who is term-limited this year. "I would hope that counties that have open space funds would beat foreign entities to the farmland and make sure it stays preserved as open space. Until we can sign a law into place, we should know the intentions of any foreign entity when it starts buying up our land," Ciattarelli said Thursday. The Smithfield Foods CEO confirmed in March 2025 that WH Group, the largest pork company in the world, has seen ownership of U.S. farmland down about 40% in the past two years, from a high of about 145,000 acres to about 85,000 acres. As a businessman, Ciattarelli has a long and diverse portfolio of investments. In addition to WH Group, Ciattarelli has disclosed investments in Chinese companies that include China National Offshore Oil Corporation Limited, Ping An Insurance, China Lodging Group Limited, China Mobile Limited, Sinopec Shanghai Petrochemical Company Limited, NetEase, Inc., and China Eastern Airlines Corporation Limited. Ciattarelli's financial disclosures filed April 3, 2025, revealed he has since divested from these Chinese companies. When reached by Fox News Digital for comment, his campaign declined to explain why he had divested. One of those companies, the Chinese National Offshore Oil Corporation (CNOOC), was added in 2021 to the Entity List by the Department of Commerce, which restricts trade, for threatening national security "by helping China intimidate neighbors in the South China Sea." In 2024, the Department of Defense identified China Mobile as one of several "Chinese Military Companies Operating in the United States." Trump signed an executive order in 2020, restricting U.S. investments that finance the "People's Republic of China's military-industrial complex," which included China Mobile. The New York Times also reported in 2018 on the Chinese Communist Party's increased control and influence at Sinopec Shanghai Petrochemical Company Limited. Sinopec is one of the largest oil and gas companies in the world and a state-owned enterprise run by the Chinese government. A campaign spokesperson told Fox News Digital that Ciattarelli's financial advisor manages his investment portfolio. "This is old news - literally from years-old filings that have been public for a long time," Chris Russell, a spokesperson for Ciattarelli's campaign, said in a statement to Fox News Digital. "In fact, four years ago, one of Jack's opponents tried to attack him on this, and it fell completely flat. That his current opponents are recycling these same lame attacks proves how desperate they are to breathe life into their dead campaigns. The truth is that, just like millions of other New Jerseyans, Jack allows his professional financial advisor to manage his investment portfolio. Voters understand how that works." Ciattarelli launched his third consecutive Republican gubernatorial campaign in April 2024. He is a businessman and entrepreneur who held local offices on the Raritan Borough Council, the Somerset County Freeholder Board and in the New Jersey State Assembly. His Republican primary challengers include conservative media commentator Bill Spadea, State Sen. Jon Bramnick, former Englewood Cliffs Mayor Mario Kranjac and a contractor from Burlington County, Justin Barbera. The New Jersey primary will be on June 10.
Yahoo
26-03-2025
- Business
- Yahoo
Smithfield Foods Stock Rises Following First Results Since IPO
Shares of Smithfield Foods (SFD) rose in premarket trading Tuesday after the pork giant reported its first quarterly results since its initial public offering (IPO). Smithfield Foods reported a fourth-quarter profit from continuing operations of $211 million on $3.95 billion in sales. In a regulatory filing ahead of its January IPO, the Smithfield, Va.-based firm said it expected to report net income of $195 million to $223 million on sales of $3.87 billion to $3.95 billion for the three months ended Dec. 29, compared with a net loss of $131 million on $4.00 billion in sales a year earlier. For 2025, Smithfield sees an adjusted operating profit of $1.1 billion to $1.3 billion, up from $1.02 billion last year, on sales that are expected to increase by a low- to mid-single-digit percentage from the $14.14 billion it reported in 2024. Smithfield, the largest pork producer in the country, previously had been publicly traded before it was taken private by China-based WH Group in a $4.87 billion deal in 2013. WH Group still owns about 90% of the company following the recent IPO. Smithfield shares rose 3.5% immediately following the report. They entered Tuesday slightly below the $19.75 level where they ended on their first day of trading after opening on the Nasdaq at $21.05. The stock rose about 3% Monday on news that Smithfield had been added to the Russell 1000 as part of the index's quarterly addition of eligible recent IPOs. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
30-01-2025
- Business
- Yahoo
Smithfield Foods valued at $7.7 billion in lukewarm market debut
By Niket Nishant and Arasu Kannagi Basil (Reuters) - Smithfield Foods was valued at $7.7 billion after its shares fell 3.2% on Tuesday, in a muted debut that might prompt other IPO candidates to tread cautiously. The lukewarm reception to the largest U.S. pork processor's public offering, following closely on the heels of Venture Global's underwhelming debut last week, underscores investors' cautious approach to new listings. Despite the surge of optimism sparked by President Donald Trump's pledges for pro-business policies and corporate tax reductions, concerns about unpredictable interest rates and inflation have tempered overall economic confidence. Even tried-and-tested companies such as Smithfield, which was founded in 1936 and is profitable, may have to temper their valuation expectations, analysts have said. "For companies planning IPOs this year, this may be a wake-up call to align their expectations with the new, more selective investment climate," said Aakarsh Rattan Ramchandani, chief analyst and strategy officer at financial insights platform Smithfield, with a workforce of 34,000 in the U.S. and 2,500 in Mexico, had warned of tariff risks and immigration-related workforce disruptions in its IPO prospectus. These concerns have become more pressing with President Trump's recent threats of universal tariffs and the beginning of a sweeping immigration crackdown when he took office earlier this month. Export sales accounted for 13% of Smithfield's total sales for the nine months ended Sept. 29. Its stock was last trading at $19.36, compared with the IPO price of $20, below the $23-$27 range it had forecast earlier. "Investors in their IPO will likely need to price in additional risks related to trade tensions, potential tariffs and immigration risks," Ramchandani said. Smithfield had initially targeted proceeds of up to $940 million but downsized the IPO and settled for $521.7 million, to be divided between it and its parent company WH Group, which was also selling some shares. "We have an extremely strong balance sheet. We wanted our share price to be in a position to trade really well over the course of the coming future," CEO Shane Smith told Reuters. "We believe that the heavy lifting is done," he said, adding the company would now focus on optimizing and growing the business. Smithfield became the largest fresh pork processor in the U.S. via a series of acquisitions in the 1980s. It was listed on the New York Stock Exchange from 1999 until 2013, when it was acquired by Hong Kong-based WH Group for $4.7 billion in what was the biggest Chinese takeover of a U.S. firm at the time. Smithfield sources its pigs from farms in the U.S., including 4,000 independent family farms, and Mexico. Its portfolio of brands includes Eckrich and Nathan's Famous.
Yahoo
30-01-2025
- Business
- Yahoo
Smithfield Foods to keep US pork plants open, eyes tariffs amid IPO, CEO says
By Tom Polansek and Juveria Tabassum (Reuters) - Smithfield Foods does not plan to close more U.S. pork processing plants, Chief Executive Shane Smith said on Tuesday, as the company returned to a U.S. exchange after more than a decade in a spinoff by Hong Kong-based WH Group. The biggest U.S. pork processor also is paying close attention to trade and immigration policy changes under U.S. President Donald Trump as it exports pork and relies on a diverse group of meatpacking workers, Smith said in an interview. WH Group, the world's largest pork producer, spun off Smithfield as Trump has threatened tariffs on imports from major pork consumers, including China and Mexico, that could trigger retaliatory duties that hurt U.S. agricultural exports. Smithfield was valued at $8.1 billion after its shares ticked up in a muted debut. Before the listing, the company carved out its European business, ended contracts with some U.S. hog farms and shut a California pork plant in recent years. "We believe that really the heavy lifting is done," Smith said. "This next phase will be focused on growth." U.S. farmers, who deliver hogs to processing plants, and slaughterhouse workers have been on edge about the risk for further plant closures. Smithfield closed a plant in Vernon, California, and another in Charlotte, North Carolina, in 2023. It also stopped slaughtering pigs at its hometown plant in Smithfield, Virginia, in 2021. The company is not alone: Tyson Foods shut an Iowa pork plant last year, and has closed U.S. poultry plants with thousands of workers. "I think the hog supply is relatively well balanced for that shackle space," Smith said. Smithfield looks to use more of its fresh pork in its packaged meats business to reduce its exposure to export markets, Smith said. It can also redirect offal products, such as kidneys or stomachs, to U.S. pet food companies from China, a major buyer, he added. Export sales represented 13% of Smithfield's total sales for the nine months ended Sept. 29, according to a regulatory filing. "If there are further tariff escalations that make those markets that we go to with that product not attractive, we always think about it in the terms of the next best sale," Smith said. Trump has also kicked off a sweeping immigration crackdown. More than half of all U.S. meatpacking workers are immigrants, compared with about 17% of the entire workforce, according to the Center for Economic and Policy Research, a think tank. Sign in to access your portfolio
