INVESTMENTS

Investments consist of the following:



Equity Investment	Segment	% Owned	December 28, 2014		December 29, 2013
			(in millions)
Campofrío Food Group (CFG) ⁽¹⁾	International	37%	$	330.0	$	351.4
Mexican joint ventures	International	50%	142.8		118.0
All other equity method investments	Various	Various	25.2		27.1
Total investments			$	498.0	$	496.5

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⁽¹⁾	Beginning in June 2014, our investment in CFG is through our interest in Sigma & WH Europe, as described below.

We record our share of earnings and losses from our equity method investments in (income) loss from equity method investments. Some of these results are reported on a one-month lag which, in our opinion, does not materially impact our consolidated financial statements.

In November 2013, Mexican processed meats producer Sigma Alimentos (Sigma) announced its intention to tender for all of CFG’s outstanding shares (CFG Tender Offer). In December 2013, we announced our intention to participate in the CFG Tender Offer by retaining our 37% interest in CFG. In June 2014, we finalized our shareholder agreement with Sigma creating a new entity called Sigma & WH Food Europe, S.L. (Sigma & WH Europe) to hold all shares of CFG owned by Sigma and the Company. At the formation of Sigma & WH Europe, both the Company and Sigma contributed all of our shares of CFG to Sigma & WH Europe in exchange for the same number of shares in Sigma & WH Europe. Effective September 19, 2014, CFG's common stock ceased to trade on the Madrid Exchange. As of December 28, 2014, Sigma & WH Europe owned approximately 98% of the outstanding shares of CFG. The CFG Tender Offer and the shareholder agreement with Sigma had no impact on the book value of our investment in CFG.

(Income) loss from equity method investments consists of the following:



		Successor						Predecessor
		Twelve Months Ended									Twelve Months Ended
Equity Investment	Segment	December 28, 2014			September 27 - December 29, 2013			April 29 - September 26, 2013			April 28, 2013			April 29, 2012
		(in millions)
CFG	International	$	(11.1	)	$	(0.3	)	$	(0.4	)	$	(4.8	)	$	25.0
Mexican joint ventures	International	(43.7		)	2.4			2.1			(9.3		)	(13.4		)
All other equity method investments	Various	(3.4		)	0.5			(1.2		)	(0.9		)	(1.7		)
(Income) loss from equity method investments		$	(58.2	)	$	2.6		$	0.5		$	(15.0	)	$	9.9

In December 2011, the board of CFG approved a multi-year plan to consolidate and streamline its manufacturing operations to improve operating efficiencies and increase utilization (the CFG Consolidation Plan). The CFG Consolidation Plan includes the disposal of certain assets, employee redundancy costs and the contribution of CFG's French cooked ham business into a newly formed joint venture. As a result, we recorded our share of CFG's charges totaling $38.7 million in (income) loss from equity method investments within the International segment in the twelve months ended April 29, 2012.

The following summarized financial information for Sigma & WH Europe is based on its financial statements and translated into U.S. Dollars:



	Twelve Months Ended				Twelve Months Ended
	December 28, 2014		April 29 - December 29, 2013		April 28, 2013		April 29, 2012
	(in millions)
Income statement information:
Sales	$	2,564.4	$	1,717.6	$	2,464.6	$	2,536.1
Gross profit	571.9		389.9		564.4		583.0
Net income (loss)	12.6		8.1		13.0		(71.2		)

					December 28, 2014		December 29, 2013
					(in millions)
Balance sheet information:
Current assets					$	913.3	$	821.5
Long-term assets					2,046.2		2,051.2
Current liabilities					1,021.9		999.0
Long-term liabilities					1,046.8		1,077.7