CONEY ISLAND – ICONIC HOT DOG brand Nathan’s Famous has been purchased by the Chinese-owned packaged meat producer Smithfield Foods at a cost of $102 per share, for a total of around $450 million, CBS News reports.
Since 2014, Smithfield has held the license to produce packaged products for Nathan’s in the U.S. and Canada. The company said Wednesday it plans to continue to hold the annual July Fourth hot dog-eating contest at Nathan’s original Coney Island location.
Reigning hot dog-eating champion Joey Chestnut has not yet released a statement on the sale.
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