Spanish food maker Campofrio Alimentacion has said it has signed a preliminary agreement to sell a 99.3% stake in Poland’s Morliny to US meat processor Smithfield Foods for PLN184m (US$50.4m).

Campofrio bought meat processor Morliny in 1998. Earlier this year Smithfield purchased a 15% stake in Campofrio for US$87.8m.

Campofrio said the deal to sell Morliny is subject to regulatory approval, reported Dow Jones International News.