Source: Richard Smith, MEATINGPLACE, 7/29/11


Further details have come to light in South Korean food company Harim's acquisition of Seaford, Del.-based U.S. poultry company Allen Family Foods.

Harim's U.S. unit, Harim USA, got approval from a Delaware bankruptcy court Wednesday after winning the right at an auction earlier this week to buy Allen Family Foods, Yonhap News Agency reported. 

The South Korean company said it will take control of a 43 percent stake in the U.S. company, estimating the takeover's total cost at $120 million. Harim said the takeover will help it expand its presence in overseas meat markets.

Harim, which is engaged in a diverse range of food processing areas as well as the poultry business, reported a net profit of 23.2 billion won ($22 million) on sales of 163 billion won ($155 million) in the first quarter of this year.

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