ConAgra sells Butterball to Carolina Turkeys
ConAgra Foods has finalised the sale of Butterball Turkey to Carolina Turkeys, at a price of $325 million.
Carolina Turkeys said that, with the acquisition of Butterball, it will be the largest turkey producer in the US. It expects to produce 1.4 billion pounds of turkey in 2006 – 20% of total turkey production in the US.
Carolina Turkeys is now officially known as Butterball LLC.
ConAgra had $11.58 billion in sales for the year ended May 28.
Carolina Turkeys is a joint venture of Maxwell Farms and Smithfield Foods. The Maxwell family owns 51% of Butterball LLC and Smithfield owns 49%.
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