Smithfield sub now owner of Premium Pet
John Morrell & Co., a wholly owned subsidiary of Smithfield Foods, Inc. (NYSE: SFD), today announced that it acquired the remaining 49% interest in Premium Pet Health, LLC. Premium Pet Health is a leading protein by-product processor that supplies many of the leading pet food processors in the United States.
“We are pleased to now be the sole owner of Premium Pet Health,” said C. Larry Pope, president and chief executive officer. “As we continue to focus on our core businesses, it is logical for us to invest in a company that is synergistic to our fresh pork processing business and also has a superior return on invested capital,” he stated.
With sales of $12 billion, Smithfield Foods is the leading processor and marketer of fresh pork and packaged meats in the United States, as well as the largest producer of hogs.
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