USA: Smithfield Foods completes Packerland acquisition
Smithfield Foods, Inc. (NYSE: SFD) yestrday completed the acquisition of Packerland Holdings, Inc., the fifth largest beef processor in the United States, for $250 million, including the assumption of debt. The agreement in principle was announced September 7. Smithfield Foods acquired 100 percent of the outstanding capital shares of Packerland in exchange for approximately 6.4 million shares of Smithfield common stock and the assumption of approximately $118 million in debt and other liabilities. Based in Green Bay, Wisconsin, Packerland was privately held by management and an outside investor. The company has a daily processing capacity of 6,150 head and represents approximately five percent of the beef industry capacity.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- General Mills sales woes continue - analysis
- Comment: Meal kits in US - don't believe the hype
- Why personalisation will take-off in US food
- US food next wave on display at Winter Fancy Food
- Analysis: Chocolate sector's deforestation pledge
- Kraft Heinz cuts jobs in US, Canada
- Fonterra cuts earnings forecast
- Unilever invests in Dutch meat substitute project
- Lactalis fails to hit threshold to delist Parmalat
- Immigration crackdown "risk" for US dairy industry