Hormel Foods acquires pork processor
Jan 2, 2005 3:09 PM, from staff and wire reports
Hormel Foods has acquired, for the purchase price of about $186 million, all of the stock of Clougherty Packing Co, a privately held Southern California pork processor and creator of the Farmer John brand of pork products sold in the southwestern United States.
"Clougherty has built a very strong business in the Southwest, and projects sales of $420 million in 2004. We expect it to be immediately accretive to our Refrigerated Foods business segment," said Joel W Johnson, chairman of the board and chief executive officer.
Clougherty operates a facility in Vernon CA that should increase Hormel Foods' production of further-processed foods.
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