Seaboard Corp. announced Sept. 26 Triumph Foods purchased a 50% 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 Sept. 27. 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.
Daily’s Premium Meats offers a variety of processed pork items from signature honey-cured bacon to Applewood-smoked bacon to naturally smoked hams to breakfast sausages. Operating since 1893, Daily’s has further processing plants located in Salt Lake City, UT, and Missoula, MT.
In addition to the Daily’s partnership, Seaboard Foods, pursuant to an agreement, markets and sells fresh products produced by Triumph’s St. Joseph, MO, pork processing plant, as well as products produced by Seaboard Foods’ Guymon, OK, pork processing plant. Internationally, fresh pork products are marketed under the Seaboard Farms and St. Joe Pork brands. Domestically, fresh pork products bear the PrairieFresh Premium Pork brand. Processed meats, such as bacon, hams and breakfast sausage, will continue to be marketed under the Daily’s Premium Meats brand.