Triumph Foods, St. Joseph, Mo., purchased a 50% ownership in Daily’s Premium Meats, the Missoula, Mont.-based processed meats division of Seaboard Foods, Shawnee Mission, Kan., that produces and markets raw and pre-cooked bacon, ham and sausage. Daily’s Premium Meats will be owned 50/50 by Seaboard Foods and Triumph Foods as of Sept. 27. As a result of the transaction, Seaboard received cash proceeds of $72.5 million and will recognize an estimated pre?tax gain of approximately $55 million, subject to final working capital adjustments.
In conjunction with the transaction, Kelly Hattan was appointed president of Daily’s Premium Meats.