Smithfield Foods will acquire Clougherty Packing, a subsidiary of Hormel Foods, for $145m.
The acquisition is expected to be completed by the end of the year.
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Based in the US, Smithfield Foods manufactures fresh and packaged meat products.
Wellspring Capital Management has sold its 100% stake in flexible packaging company, ProAmpac, to Pritzker Group Private Capital.
With 18 manufacturing facilities in North America, Europe and Asia, ProAmpac serves the food, medical, security, industrial and specialty retail markets.
