November 21, 2016 / 10:22 PM / 2 years ago

Smithfield Foods to buy Farmer John from Hormel

Nov 21 (Reuters) - Smithfield Foods said it would buy Farmer John and Saag's Specialty Meats brands, and farm operations in three U.S. states from Hormel Foods Corp for $145 million in cash.

Smithfield will buy Clougherty Packing, the owner of Farmer John and Saag's, as well as hog farm operations in California, Arizona and Wyoming, expanding its supply chain in the United States.

Smithfield, a unit of WH Group Ltd, is the world's largest pork processor and hog producer.

"While the businesses have performed well, they no longer align with our company's growth strategies," Hormel Chief Executive Jim Snee said in a statement on Monday. (Reporting by Jessica Kuruthukulangara in Bengaluru)

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