Maxwell Farms finalizes deal for Murphy-Brown
By From staff reports
Published in News on December 8, 2010 1:46 PM
Maxwell Farms and Seaboard Corp. announced Tuesday that they have finalized the purchase of Butterball, LLC from Murphy-Brown.
The move means Maxwell Farms and Seaboard Corp. are now equal partners in Butterball.
"We are pleased to have concluded the purchase of Butterball, the strongest brand in the turkey industry, and to now be partners with Seaboard," said Walter Pelletier, president of Maxwell Farms in a press release. "The Butterball brand has a bright future ahead, and we look forward to working with Seaboard to continue to build the Butterball legacy."
This purchase action follows the execution of a buy/sell agreement initiated by Murphy-Brown in March.
"Butterball is an iconic brand name in the United States, representing superior quality, outstanding value and excellent customer service," said Steve Bresky, Seaboard's president and CEO. "We look forward to our participation with the Butterball management team and the Maxwell group and bringing additional value to this great company."
Maxwell Farms is an affiliated company of Goldsboro Milling Co., which was founded by the Maxwell family of Wayne County. It has its headquarters in Goldsboro. Maxwell Farms, LLC, owns the Maxwell family's interest in Butterball.
Goldsboro Milling began in 1916 as a feed mill that sold bagged livestock feed across eastern North Carolina. It soon turned its attention to bulk feed and in 1958 began to grow turkeys.
In the mid-1980s, Goldsboro Milling joined with Carroll's Foods to form Carolina Turkeys, which is now Butterball. In the late 1980s, Goldsboro Milling added swine production to its inventory and today is the 10th largest swine producer in the U.S.
Goldsboro Milling is also invested in land and timber.
Seaboard Corp. has a history dating back more than 90 years.
Although the company has evolved over time through acquisitions, partnerships and internal growth, its roots are in grain and other agriculturally derived products.
Seaboard Corp. directly or indirectly employs more than 14,000 people worldwide, and ranks 552nd on the 2010 Fortune 1000 list with net sales of about $3.6 billion annually.
Butterball, LLC is the largest producer of turkey products in the U.S., with headquarters in Garner.