Smithfield Foods is buying Clougherty Packing for $145 million
Virginia-based Smithfield Foods is buying Clougherty Packing from Hormel Foods Corp. for $145 million in cash.
Clougherty Packing is the parent company of Farmer John and Saag’s Specialty Meats. The sale also includes PFFJ farm operations in California, Arizona and Wyoming.
Minnesota-based Hormel acquired Clougherty Packing in 2004.
The deal is expected to close in 30 days.
Farmer John harvests about 7,400 hogs per day. In fiscal year 2016, the businesses had about $500 million in sales.
Smithfield Foods is the world's largest pork processor and hog producer. It employs 50,000 people and has an annual revenue of $14 billion.