SMITHFIELD (AP) Smithfield Foods says it is selling its beef operations to a Brazilian company for 565 million dollars.
Virginia's Smithfield Foods is the fifth-largest U.S. beef producer. It is selling its operation to JBS SA.
The deal comes one day after National Beef Packing -- the nation's fourth-largest beef processor -- said it is being acquired by JBS for cash and stock deal worth $560 million.
Smithfield executives say that while outperforming the industry, its beef group has nevertheless been a relatively minor player. And it says the company has been unable to grow through acquisition or justify building a new plant.