Smithfield profit plunges after China blocks imports

Smithfield Foods, subject of a US$4.7 billion bid from China’s Shuanghui International, posted a 63 per cent drop in quarterly profit as costs rose and exports to China fell due to a ban on an additive it feeds to pigs to produce lean meat.

Smithfield has already started to wind down its use of the additive, ractopamine, and resumed shipments to China in March.

via Business feed http://www.scmp.com/business/companies/article/1262853/smithfield-profit-plunges-after-china-blocks-imports