US - US meat processor Seaboard Corporation has sold half of Daily’s Premium Meats, the processed meats division of Seaboard Foods, to Triumph Foods.
Daily’s Premium Meats, which produces and markets raw and precooked bacon, ham and sausage, will be owned 50/50 by Seaboard Foods and Triumph Foods.
In the deal, Seaboard received $72.5 million in cash and will recognise an estimated pre tax gain of approximately $55.0 million, subject to final working capital adjustments.
In conjunction with the transaction, Kelly J. Hattan was appointed president of Daily’s Premium Meats.
Mr Hattan said: “This partnership will enable Daily’s to further solidify a supply of high-quality raw materials while providing additional capital to expand production and the geographical footprint where Daily’s sells its products. I’m excited about the significant opportunities for growth as a result of this enhanced partnership.”
Daily’s Premium Meats offers a variety of processed pork items from signature honey cured bacon to applewood smoked bacon to naturally smoked hams to breakfast sausages. Operating since 1893, Daily’s has further processing plants located in Salt Lake City, Utah, and Missoula, Montana.
TheMeatSite News Desk