US meat giant Smithfield Foods has sold its stake in turkey processor Butterball.
The sale comes just three months after Smithfield, which owned a 49% stake in the turkey firm, made an offer to take full control of the business.
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Under the terms of Butterball’s operating agreement, majority shareholder Maxwell Farms either had to accept Smithfield’s offer or purchase its partner’s interest and its related turkey production assets.
Maxwell Farms has teamed up with pork processor Seaboard Corp. to buy Smithfield’s stake. The purchase, for an undisclosed sum, is expected to be finalised by early December.
“Butterball is an iconic brand name in the United States, representing superior quality, outstanding value and excellent customer service,” said Seaboard president and CEO Steve Bresky. “We look forward to our participation with the Butterball management team and the Maxwell group and bringing additional value to Butterball.”
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By GlobalData
