Business Services Industry
Deal to Sell American Foods to Smithfield Foods Falls Through.
Knight Ridder/Tribune Business News, December, 2001
By Tom Daykin, Milwaukee Journal Sentinel Knight Ridder/Tribune Business News
Dec. 6--The deal to sell Green Bay-based American Foods Group Inc., the nation's 10th-largest beef processor, to Smithfield Foods Inc. has collapsed, the two companies announced Wednesday.
As a result, Virginia-based Smithfield, the nation's largest pork processor, has encountered a setback as it seeks to expand its nationwide market share of the beef packing business.
"After considerable negotiations, an agreement couldn't be reached on price," said American Foods spokeswoman Susan Finco. "That's why the deal fell apart."
Finco said she didn't know if American Foods would seek another buyer. She said Carl Kuehne, who had been planning to retire with...
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