Smithfield Foods announced Wednesday it is acquiring Nathan’s Famous, bringing together the largest pork and pig producer in the world with one the most recognizable hot dog brands.
The $450 million deal was announced on Smithfield’s website. And while they have had an exclusive licensing deal in the U.S. and Canada with Nathan’s, the acquisition will “security Smithfield’s rights to this iconic brand into perpetuity,” according to the release.
“The Nathan’s Famous acquisition is a meaningful step in the progression of Smithfield Foods allowing us to own all of the top brands in our Packaged Meats portfolio and unlock new growth opportunities for our largest segment,” said Smithfield President and CEO Shane Smith.
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Smithfield says the acquisition will also support its growth strategy by bringing in more direct sales from Nathan’s, expanding the hot dog brand’s portfolio, increasing sales volume in food service due to its scaled infrastructure, and overall operational efficiencies…