Smithfield, VA - Smithfield Foods, Inc. said it had acquired Societe Bretonne De Salaisons, the largest French private-label manufacturer of ham, pork shoulder and bacon products, for an undisclosed sum.
Smithfield bought Societe Bretonne De Salaisons (SBS) from several shareholders, including Paribas French Investment Trust (quote from Yahoo! UK & Ireland: PFB.L), investment funds affiliated with Credit Agricole Group and the estate of Yvon Gad, son of the founder of the company.
The acquisition is part of Smithfield's program to expand its internationally by buying profitable, efficient, growth-oriented pork processing and hog production companies.
Societe Bretonne De Salaisons, with annual sales of about $11 million and about 500 employees, will serve as the platform for that expansion in Europe, Smithfield said.
“In SBS we have a very profitable operation with a new plant, excellent management, high-quality products and strong growth prospects,” said Joseph Luter III, chairman and chief executive of Smithfield Foods.
“SBS expects to double its export sales over the next several years, and with our support and expansion plans, we expect to achieve that goal.”
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