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 16 years of archives.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Unilever 2016 investor day - the top takeaways
- Have food promotions reached tipping point?
- The key questions for digital strategists in 2017
- How Tyson's new CEO plans to grow the meat group
- Mondelez goes beyond certified cocoa - analysis
- Nestle unveils process to cut sugar by 40%
- Unilever sets new margin target with help from ZBB
- Unilever focuses on "value" of spreads arm
- McCormick to buy flavours business Enrico Giotti
- Amnesty - Global brands profit from labour abuses