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.
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