Maxwell Farms and Seaboard Corp. announced today that they have finalized their purchase of Butterball from a subsidiary of Smithfield Foods.
The deal was first announced in September.
Smithfield sold its 49 percent interest to Maxwell, which already owned the other 51 percent of Butterball. Maxwell, in turn, sold a 50 percent stake in Butterball to Seaboard of Kansas.
Smithfield, the world's largest pork producer, gave Maxwell Farms an ultimatum in June. It said it would unload its shares of Butterball if Maxwell didn't accept its $200 million buyout offer.
Butterball employs 80 people in Garner, where it moved its headquarters in 2008.
Smithfield sold its Butterball stake for $175 million. Seaboard paid $177.5 million for half of Butterball.