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Smithfield Buys ConAgra Refrigerated Meats
NEW YORK - Jul 31/06 - SNS -- Smithfield Foods will pay U.S. $475 million in cash and $100 million in stock for ConAgra Foods, Inc.'s refrigerated meats businesses.
The sale includes the Butterball, Eckrich, Armour, LunchMakers, Margherita, and Longmont brands, as well as most of the associated assets including plants and inventory. The combined annual sales for the refrigerated meats businesses are about $1.8 billion; results for these businesses are classified as discontinued operations. Products are sold to retailer grocers, delis, restaurants and other food service establishments.
ConAgra will retain the Hebrew National brand and products, Brown 'N Serve frozen sausage, as well as its Slim Jim and Pemmican meat snacks.
The transaction is subject to Hart-Scott-Rodino antitrust clearance and other customary closing conditions. The transaction is expected to be completed during Smithfield's fiscal second quarter which ends October 30, 2006.
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