Smithfield completes ConAgra meats buy
According to the Associated Press, pork producer Smithfield Foods Inc. has completed its $571 million acquisition of packaged-foods company ConAgra Foods Inc.''s refrigerated meats business. The purchase price announced at the end of July was $575 million, including $100 million in Smithfield Foods common stock, but the two companies amended the original agreement to an all-cash transaction worth $4 million below the original figure. The businesses acquired include packaged meats and turkey sold under brand names Armour, Butterball, Eckrich, Margherita, Longmont and LunchMakers. The acquisition was in two parts. ConAgra''s Butterball turkey business has been acquired by Butterball LLC, previously known as Carolina Turkeys, a joint venture between Smithfield Foods and Maxwell Farms Inc., for $325 million. Smithfield owns 49 percent of Butterball LLC. In addition, Smithfield acquired the other branded packaged meats assets from ConAgra Foods for $246 million.