Smithfield Foods to acquire Packerland
17/09/2001
Virginia-based Smithfield Foods, Inc. said last week it is to acquire Packerland Holdings, Inc., the fifth largest beef processor in the United States, for $250 million.
Under the terms of the agreement, Smithfield Foods will acquire all Packerland’s shares in exchange for approximately 3.2 million shares of Smithfield common stock and the assumption of approximately $118 million in debt and other liabilities. Based in Green Bay, Wisconsin, Packerland is privately held by management and an outside investor.
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