Smithfield (SFD), KC Sausages Form JV: Deal Will be Immediately Accretive
- eBay (EBAY) to Spin PayPal into Separate, Publicly-Traded Company
- Unusual 11 Mid-Day Movers 9/30: (MTL) (MOVE) (ADUS) Higher; (PDFS) (ISR) (RADA) Lower
- GoPro (GPRO) Rated Sell at Citron Research
- Microsoft (MSFT) Unveils Its Next-Gen OS: Windows 10
- Teekay Corporation (TK) Surges on Bold New Dividend Policy, Stock Upgrade
Smithfield Foods, Inc. (NYSE: SFD) today announced that it has signed a non-binding letter of intent to form a 50/50 joint venture with Kansas City Sausage Company, LLC, including its sister company, Pine Ridge Farms, LLC. The transaction will be funded with cash on hand and is expected to close in the fourth quarter of fiscal 2013, subject to customary closing conditions, including regulatory approvals. Terms of the letter of intent were not disclosed. Smithfield expects the transaction to be immediately accretive to earnings.
You May Also Be Interested In
- ZTE Granted Application to Invalidate Vringo (VRNG) Patent by China's SIPO Board
- Cray (CRAY) Launches XC40, CS 400 Supercomputers
- Microsoft (MSFT) Announces Broader Rollout of New MSN
Create E-mail Alert Related CategoriesCorporate News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!