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 a...

Nathan’s Famous, which opened as a five-cent hot dog stand in Coney Island, New York, more than a century ago has a new owner: Smithfield Foods.

Shane Smith, Smithfield’s CEO, said the purchase will allow the meat giant to “unlock new growth opportunities” for its packaged meats business, the Virginia-based company’s largest segment.