Smithfield will buy ConAgra unit for $575M
01 August 2006US - Smithfield Foods Inc., the largest global hog producer and pork processor, said Monday it agreed to acquire most assets of the branded meats business of ConAgra Foods Inc. for about $575 million in cash and stock.
The deal includes a turkey processing plant in Longmont.
Brands being acquired include Armour, Butterball, Eckrich, Margherita and LunchMakers, which are marketed to grocers, delis and restaurants. The brands have combined sales of about $1.8 billion.
Smithfield spokesman Jerry Hostetter said the acquisition will firm up the company's presence in the lucrative packaged-meats business.
"It's very profitable, and it's another source to use our own raw materials from pork processing," he said.
To continue reading this article please click here
Source: Rocky Mountain News
© 2000 - 2012. 5m Publishing, Benchmark House, 8 Smithy Wood Drive, Sheffield, S35 1QN, England.