Smithfield Foods, Inc. , the gourmet foods direct marketer and retailer base in Smithfield, VA, will acquire all of the outstanding common stock of Smithfield Cos. for $18 million in cash.
With annual sales of $20 million, Smithfield Cos. is a producer of hams and other specialty food products. Smithfield Foods said this acquisition will allow it to exert greater control over the Smithfield brand name.
The company markets its products to the retail grocery, food service and gourmet food industries, as well as its own retail outlets and direct mail. Smithfield Foods said that the announced acquisition would provide new marketing resources and outlets for the sale of its products and additional plant capacity for pre-cooked barbecue meats.
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