011116 Smithfield to Buy American FoodsNovember 3, 2001Milwaukee - Pork processing giant Smithfield Foods Inc. is buying American Foods Group Inc., expanding its interests in beef processing. Under the deal announced Thursday, Smithfield is paying an undisclosed amount for American Foods, which has about 1,300 employees in Green Bay. The acquisition is expected to close by January. A week ago, Smithfield completed a $250 million purchase of Green Bay-based Packerland Holdings Inc., which was the nation's fifth-largest beef processor. American Foods is the nation's 10th-largest beef processor. When the latest deal closes, Smithfield will control a 9% share of the U.S. beef market and have annual beef sales of $2.6 billion, said company spokesman Jerry Hostetter. Smithfield, based in Smithfield, Va., is the nation's largest pork processor, with a 20% share of the U.S. market.
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