Smithfield Agrees to Acquire Cook's Hams from ConAgra
January 25 2006 - 5:00PM
PR Newswire (US)
SMITHFIELD, Va., Jan. 25 /PRNewswire-FirstCall/ -- Smithfield
Foods, Inc. (NYSE:SFD) today announced that it has signed a
definitive agreement to acquire substantially all of the assets of
the Cook's ham business of ConAgra Foods Packaged Foods Company,
Inc. from ConAgra Foods, Inc. (NYSE:CAG). Cook's, based in Lincoln,
NE, is a producer of traditional and spiral sliced smoked bone-in
hams, corned beef and other smoked meat items sold to supermarket
chains and independent grocers throughout the United States and
Canada. Manufacturing facilities are located in Lincoln, as well as
Grayson, KY, and Kansas City, MO. The company's annual sales are
about $330 million. The transaction is subject to Hart-Scott-Rodino
antitrust clearance and other customary closing conditions.
Smithfield expects to complete the transaction during its fiscal
fourth quarter which ends April 30, 2006. With sales of $11
billion, Smithfield is a leading processor and marketer of fresh
pork and processed meats in the United States, as well as the
largest producer of hogs. For more information, please visit
http://www.smithfieldfoods.com/. ConAgra Foods Inc. is one of North
America's largest packaged food companies, serving consumer grocery
retailers, as well as restaurants and other foodservice
establishments. Popular ConAgra Foods consumer brands include: ACT
II, Armour, Banquet, Blue Bonnet, Butterball, Chef Boyardee,
Cook's, Crunch 'n Munch, DAVID, Eckrich, Egg Beaters,
Fleischmann's, Golden Cuisine, Gulden's, Healthy Choice, Hebrew
National, Hunt's, Kid Cuisine, Knott's Berry Farm, La Choy, Lamb
Weston, Libby's, Lightlife, Lunch Makers, MaMa Rosa's, Manwich,
Marie Callender's, Orville Redenbacher's, PAM, Parkay, Pemmican,
Peter Pan, Reddi-wip, Rosarita, Ro*Tel, Slim Jim, Snack Pack, Swiss
Miss, Van Camp's, Wesson, Wolf and many others. For more
information, please visit us at http://www.conagrafoods.com/. This
news release may contain "forward-looking" information within the
meaning of the federal securities laws. The forward-looking
information may include statements concerning the company's outlook
for the future, as well as other statements of beliefs, future
plans and strategies or anticipated events, and similar expressions
concerning matters that are not historical facts. The
forward-looking information and statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed in, or implied by, the statements. These risks
and uncertainties include availability and prices of livestock, raw
materials and supplies, livestock costs, product pricing, the
competitive environment and related market conditions, operating
efficiencies, access to capital, the cost of compliance with
environmental and health standards, adverse results from ongoing
litigation and actions of domestic and foreign governments. First
Call Analyst: FCMN Contact: kathrynmoore@smithfieldfoods.com
DATASOURCE: Smithfield Foods, Inc. CONTACT: Keira Ullrich of
Smithfield Foods, Inc., +1-212-758-2100, , or Chris Kircher of
ConAgra Foods, Inc., +1-402-595-5392, Web site:
http://www.smithfieldfoods.com/
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