Smithfield (SFD), KC Sausages Form JV: Deal Will be Immediately Accretive

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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.

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