Smithfield (SFD), KC Sausages Form JV: Deal Will be Immediately Accretive
- Market Wrap: Cisco Names New Chief; Factory Orders Outpace in March; McDonald's Eyes Turnaround
- Cisco Systems (CSCO) Names Chuck Robbins to Succeed John Chambers as CEO
- After-Hours Stock Movers 05/04: (PTBI) (NLS) (TXRH) Higher; (ACRX) (QLYS) (INVN) Lower (more...)
- Sturm Ruger (RGR) Posts Q1 EPS of 81c
- McDonald's (MCD) Announces Turnaround Plan; Sets New Refranchising Target
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Kapstone (KS) Misses Q1 EPS by 11c
- TG Therapeutics (TGTX) Misses Q1 EPS by 6c
- Sun Hydraulics (SNHY) Misses Q1 EPS by 2c
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!