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SMITHFIELD, Va. – Smithfield Foods Inc., the largest global hog producer and pork processor, said Monday it agreed to acquire most assets of the branded meats business of ConAgra Foods Inc. for about $575 million in cash and stock. Brands being acquired include Armour, Butterball, Eckrich, Margherita, Longmont and LunchMakers, which are marketed to grocers, delis and restaurants. The brands have combined sales of about $1.8 billion. Smithfield spokesman Jerry Hostetter said the acquisition will firm up the company’s presence in the lucrative packaged-meats business. “It’s very profitable, and it’s another source to use our own raw materials from pork processing,” he said. While the brands sold have been profitable, they no longer fit into ConAgra’s long-term product plan, said spokeswoman Tania Graves.160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWhy these photogenic dumplings are popping up in Los AngelesAbout $325 million of the purchase price will be allocated to Carolina Turkeys, a joint venture between Smithfield and Maxwell Farms Inc., which will operate ConAgra’s Butterball Turkey business, which has annual sales of $600 million. Dick Bond, president of competing Tyson Foods Inc., showed little concern with the announcement. Tyson, the world’s largest poultry processor, on Monday reported a wider-than-expected loss in the third quarter. “We probably didn’t look at it in an in-depth way, primarily because basically most of the brands seemingly were on a decline and most of the assets, at least in our opinion, hadn’t had a whole lot of money put in them in recent years,” he said during a Monday morning conference call. The remaining $250 million of the purchase price includes $150 million in cash and $100 million in Smithfield common stock.