Seaboard Corporation announced Triumph Foods purchased a 50 percent ownership in Daily's Premium Meats, the processed meats division of Seaboard Foods, which produces and markets raw and precooked bacon, ham and sausage. Daily's Premium Meats will be owned 50/50 by Seaboard Foods and Triumph Foods as of September 27, 2014. As a result of the transaction, Seaboard received cash proceeds of $72.5 million and will recognize an estimated pre?tax gain of approximately $55.0 million, subject to final working capital adjustments.
In conjunction with the transaction, Kelly J. Hattan was appointed president of Daily's Premium Meats.