USA: Smithfield Foods' stake in Pinnacle Foods grows northeastern case-ready business
Smithfield Foods, Inc. (NYSE: SFD) today announced another transaction to build its case-ready meat business in the Northeast United States. By acquiring a stake in Pinnacle Foods, Inc. (OTC: PFOD), a provider of case-ready meat (pork, beef, lamb and veal) to retail supermarkets in the Northeast, Smithfield is taking advantage of the synergies initially created by the recently-announced agreement to purchase Moyer Packing Company last week. The combined distribution capabilities of the three companies will accelerate Smithfield's efforts in the critical Northeast market. With square footage at a premium, the company believes that supermarkets in New York and throughout the Northeast are prime candidates for case-ready meat products.
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