GOLDSBORO, N.C. (AP) — Maxwell Farms LLC and Seaboard Corp. have completed their purchase of turkey business Butterball LLC.
Butterball, based in Garner, N.C., produces more than one billion pounds of turkey each year and supplies its products to more than 30 countries. Until recently, it was jointly owned by Maxwell Farms and Smithfield Foods Inc.
In September, Smithfield announced it was selling its stake in the joint venture to focus on its pork business. Maxwell Fams bought the 49 percent stake for about $175 million and then sold a 50 percent stake to Seaboard for $177.5 million.
Maxwell and Seaboard are now equal partners of Butterball.