Farmland Industries has reached an agreement to sell its Farmland Foods unit to Smithfield Foods for approximately $363.5 million. Smithfield will acquire essentially all of the assets and certain liabilities of Farmland's pork-production and processing businesses.

Pending government and court approvals, company officials expect to complete the sale in approximately 75 days, unless a higher offer is brought forth by another entity. 

Last Friday, Smithfield also acquired Global Culinary Solutions, an integrated food-product development, manufacturing and marketing company headed by a certified master chef. The Smithfield Innovation Group also was created to develop new products for retail, club stores and foodservice.