Seaboard to buy interest in Butterball
September 10, 2010
SHAWNEE MISSION, KAS. — Seaboard Corp. has entered an agreement to buy a 50% interest in Butterball, L.L.C. for $177.5 million. The deal is in partnership with the Maxwell Farms group.
“Butterball is an iconic brand name in the United States, representing superior quality, outstanding value and excellent customer service,” said Steve Bresky, president and chief executive officer of Seaboard. “We look forward to our participation with the Butterball management team and the Maxwell group and bringing additional value to Butterball.”
According to a filing with the Securities and Exchange Commission, Seaboard agreed to pay $177.5 million in cash for the 50% share of Butterball. The remaining 50% will be owned by Maxwell Farms and related companies. Maxwell Farms is an affiliated company of Goldsboro Milling Co. headquartered in Goldsboro, N.C.
“We are pleased to be partnering with Seaboard and moving forward as the buyer of Butterball, the strongest brand in the turkey industry,” said Walter Pelletier, president of Maxwell Farms, L.L.C. “Seaboard is a strong, diversified company with a great reputation in the agriculture and food industries, and we are confident the partnership will be mutually beneficial for both companies.”