US EditionHot-Diggity-Dog: Smithfield Foods Acquires Iconic Nathan's Famous
Smithfield Foods will fully own Nathan’s Famous, securing perpetual brand rights and targeting $9 million in annual savings within two years post-acquisition.
- On Wednesday, Smithfield Foods announced it will buy Long Island-based Nathan's Famous for $450 million, about $102 per share, in an all-cash deal converting Nathan's into a wholly owned subsidiary.
- With the licensing deal set to expire in 2032, Smithfield Foods moved to buy Nathan's Famous to secure brand rights in perpetuity and maximize growth in retail and food service.
- Nathan's reported $24 million profit on nearly $150 million revenue, and Nathan's board of directors, which owns nearly 30%, approved the buyout and will recommend shareholders vote for it.
- Integration planning will determine immediate business decisions as Smithfield Foods declined to say if jobs will be added or retained, leaving employment outcomes unclear.
- Smithfield projects about $9 million in annual savings within two years, supported by its $14 billion typical annual sales, as it acquires Nathan's Famous dating to 1916.
49 Articles
49 Articles
American Travesty: A Chinese Company Just Bought Nathan’s Famous Hot Dogs.
My office decorations are mostly standard-issue: pictures of my family, a diploma, a couple of concert posters to trick people into thinking I’m fun. But no one notices them at first, as everyone’s eyes inevitably go to the portrait above my desk.It’s impossible to miss: a big, professionally-framed picture of a Joey Chestnut, smiling triumphantly behind a pile of hot dogs after reclaiming the Nathan’s Hot Dog Eating Contest championship from Ta…
NY hot dog company Nathan’s Famous has been sold for $450 million
Nathan’s Famous, which opened as a 5-cent hot dog stand in Coney Island more than a century ago, has been sold to packaged meat giant Smithfield Foods in an all-cash $450 million deal, the companies announced Wednesday.
76 hot dogs in ten minutes is the current record at the annual betting dinner on Coney Island. The sausage company, whose name is firmly linked to the competition, is now being sold.
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