Food conglomerate shows appetite for growth

Henan Shuanghui Investment & Development, a major meat processor in China, reported a major rise in half-year profits on Monday.

Shuanghui saw profits of 1.6-1.7 billion yuan ($250 million-$275 million) in the first half of this year, an increase of 59-66 percent year-on-year.

Rising domestic demand and sales, product portfolio adjustment and lowering costs, helped the profit surge, it said.

At the end of May, Shuanghui announced a $7.1 billion purchase of Smithfield, the biggest pork producer and supplier in the United States.