Attached files
Exhibit 99.1
SEABOARD CORPORATION AGREES TO
PURCHASE INTEREST IN BUTTERBALL, LLC
SHAWNEE MISSION, KANSAS - September 9, 2010 - Seaboard Corporation (NYSE
Amex: SEB) is pleased to announce that it has entered into an agreement to
purchase a 50 percent interest in Butterball, LLC, in partnership with the
Maxwell Farms group.
"Butterball is an iconic brand name in the United States, representing
superior quality, outstanding value and excellent customer service," states
Steve Bresky, Seaboard's President and Chief Executive Officer. "We look
forward to our participation with the Butterball management team and the
Maxwell group and bringing additional value to Butterball."
"We are pleased to be partnering with Seaboard and moving forward as the
buyer of Butterball, the strongest brand in the turkey industry," said
Walter Pelletier, President of Maxwell Farms, LLC. "Seaboard is a strong,
diversified company with a great reputation in the agriculture and food
industries, and we are confident the partnership will be mutually
beneficial for both companies."
Butterball, LLC is the industry leader in providing safe, nutritious,
high-quality turkey products.
About Seaboard Corporation:
Seaboard Corporation 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 agriculturally derived
products. Seaboard Corporation directly or indirectly employs more than
14,000 people worldwide and ranks number 552 on the 2010 Fortune 1000 list,
with net sales of approximately $3.6 billion annually. Seaboard is traded
on the NYSE Amex Equities under the symbol SEB. For more information on
Seaboard Corporation, visit www.seaboardcorp.com.
About Maxwell Farms, LLC:
Maxwell Farms, LLC is an affiliated company of Goldsboro Milling Company.
Headquartered in Goldsboro, North Carolina, Maxwell Farms, LLC owns the
Maxwell family's interest in Butterball, LLC. Goldsboro Milling began in
1916 as a feed mill that sold bag feed across eastern North Carolina. It
soon turned its attention to bulk feed and in 1958 began to grow turkeys.
In the mid 1980's, Goldsboro Milling joined with Carroll's Foods to form
Carolina Turkeys, which is now Butterball. In the late 1980's, Goldsboro
Milling added swine, and today is the tenth largest swine producer in the
U.S. Goldsboro Milling also invests in land and timber.
About Butterball, LLC:
Butterball, LLC is the largest producer of turkey products in the United
States. Headquartered in Garner, North Carolina, Butterball produces more
than 1 billion pounds of turkey each year, and the company supplies its
products to more than 30 countries. The industry leader has seven plants
located throughout the United States.
For more information about Butterball, visit www.butterball.com. You can
also call 1-800-BUTTERBALL for answers to your most puzzling questions
about turkey preparation.
Forward-Looking Statements:
This news release may contain forward-looking statements under the Private
Securities Litigation Reform Act of 1995. There are a number of important
factors that could cause actual events to differ materially from those
suggested or indicated by such forward-looking statements, and you should
not place undue reliance on any such forward-looking statements, including
those regarding the Butterball joint venture and the anticipated benefits
of the venture. Forward-looking statements, if made, are based on current
intent, beliefs, plans and expectations, and involve risks and
uncertainties that could cause actual future results, performance or
developments to differ materially from those described in or implied by
such forward-looking statements, including whether the conditions to
closing the joint venture are satisfied, risks related to operating the
joint venture going forward, and the failure to realize anticipates
synergies or operational efficiencies from the joint venture. The company
cautions investors not to place undue reliance on any forward-looking
statements, and encourages investors to review risk factors contained in
Seaboard Corporation's most recent Securities and Exchange Commission
reports, including its annual report on Form 10-K, quarterly reports on
Form
10-Q, and current reports on Form 8-K, press releases and other
communications. We undertake no obligation to update or revise
forward-looking statements to reflect changed assumptions, the occurrence
of unanticipated events or changes to future operating results over time.
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