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Smithfield Closes ConAgra Buy

It pays $571 million for the branded meats unit.

Meat processor

Smithfield Foods

(SFD)

completed the acquisition of the assets of the branded meats business of

ConAgra Foods

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(CAG) - Get Conagra Brands, Inc. Report

for $571 million in cash, subject to certain post-closing adjustments.

The business includes the packaged meats and turkey products sold under the Armour, Butterball, Eckrich, Margherita, Longmont and LunchMakers brands. The combined annual sales of the businesses are about $1.8 billion, the Smithfield, Va.-based company said.

"This acquisition is a terrific strategic fit for Smithfield," the company added. "We are now a partner in the largest turkey business in the United States that adds to our multi-legged stool in terms of our protein portfolio, providing stability of financial performance and diversity in our product mix."

The company's shares were trading up six cents at $27.08 Monday.

This story was created through a joint venture between TheStreet.com and IRIS.