Smithfield Foods Acquires Carroll's Foods

Smithfield Foods, Inc. (Smithfield, VA) has completed the acquisition of Carroll's Foods, Inc. (Warsaw, NC), the second largest hog production company in the U.S., and its affiliated companies and partnership interests for 4.2 million shares of Smithfield's common stock.

The acquisition includes the following:
• The company's 50% interest in Smithfield-Carroll's; a hog production partnership headquartered in Waverly, VA.
• Carroll's 15% interest in Circle Four; a hog product partnership with Smithfield Foods, headquartered in Milford, UT.
• Carroll's 50% interest in Tar Heel Turkey Hatchery.
• 100% of Carroll's turkey grow-out operation.
• 49% interest in Carolina Turkeys, a turkey processing partnership with Maxwell Farms, Inc., headquartered in Mount Olive, NC.

The acquisition of Carroll's Foods makes Smithfield Foods the largest hog producer in the world, which complements its position as the largest pork processing company in the world. The company expects to produce 5.6 million hogs and process 19 million hogs in fiscal 2000.

Smithfield Foods, a major marketer of fresh pork and processed meats, includes among its brands Smithfield Lean Generation, Smithfield Premium and Ember Farms.