Smithfield Foods Completes Sale

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Smithfield Foods Completes Sale

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By Associated Press

Story Created: Oct 23, 2008 at 2:46 PM CST

Story Updated: Oct 23, 2008 at 2:46 PM CST

Smithfield Foods, which owns the Sioux Falls John Morrell meatpacking plant, says it has completed the sale of its beef business to Brazilian beef giant JBS.

The deal, worth $565 million in cash, received clearance by regulators who said they wouldn't challenge the merger.  It pairs Smithfield Beef Group, the nation's fifth-largest beef producer, with JBS, the nation's third-largest beef producer.  The Department of Justice said it wouldn't challenge that deal.  But it file a lawsuit Monday to block JBS from buying the nation's fourth-largest beef processor, National Beef Packing Co. of Kansas City.

The Sioux Falls Morrell plant deals with pork.

 

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