Seaboard Corp. has agreed to sell 50% of processed meats division Daily’s Premium Meats to US pork group Triumph Foods.
The business will be run as a venture between the two companies. Triumph has paid US$72.5m for equal ownership of Daily’s Premium Meats. Seaboard expects to record a pre-tax gain of around $55m.
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In conjunction with the transaction, Seaboard’s VP of processed meats, Kelly Hattan, was appointed president of Daily’s.
Commenting on the deal, Hattan said the tie-up would “further solidify” Daily’s raw material supply and geographical footprint.
Daily’s offeres a variety of processed pork products and operates two processing plants in Salt Lake City, Utah, and Missoula, Montana. Under a prior agreement, Seaboard already markets and sells fresh products manufactured by Triumph at its St Joseph, Missouri, production plant.
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