Let's Make a Deal: Smithfield, Saputo in the news
October 27, 2008
Let's Make a Deal: Smithfield Foods Inc., Smithfield, Va., said it completed its previously announced sale of Smithfield Beef, its beef processing and cattle feeding operation, to Brazilian meat giant JBS SA. Smithfield officials said the $565 million deal "dramatically improved our liquidity to about $900 million" during a difficult financial period. It also marks the company's exit from beef. . . . North American dairy giant Saputo Inc., Montreal, said it agreed to purchase Neilson Dairy, the dairy division of Weston Foods (Canada) Inc. Saputo said the deal for a reported C$465 million bolsters its presence in the Ontario fluid milk and cream market. Neilson employs approximately 390 people at two facilities in Halton Hills and Ottawa, Ontario, Canada. The operations process fluid milk and dairy beverages, cream products and non-dairy creamers, butter, yogurt, juices and drinks under the Neilson brand and other labels. Officials expect to close the deal in late November.