Landmark Coney Island hot dog chain Nathan’s Famous is being sold to meat packaging company Smithfield Foods for $450 million, the companies announced Wednesday. Smithfield already had an exclusive license to manufacture and sell Nathan’s products in U.S. and Canadian stores as well as Sam’s C lub in Mexico. The deal, which began in 2014, was set to expire in 2032, but will instead continue into perpetuity. “With our manufacturing scale, marketing strength, product innovation capabilities, and retail and food-service channel expertise, acquiring Nathan’s Famous will allow us to take the brand to new heights,” Smithfield CEO Shane Smith said in a statement. “As a long-time partner, Smithfield has demonstrated an outstanding commitment to investing in and growing our brand while maintaining the utmost quality and customer service standards,” Nathan’s Famous CEO Eric Gatoff added. “The closing of the transaction is expected to occur in the first half of 2026,” the statement reads. Smithfield said it expects the deal will save the company $9 million annually. Nathan's Famous in Coney Island. (Jeff Bachner / New York Daily News) The company also owns its namesake brand, smoked sausage brand Eckrich and deli meat brand Armour, among others. The sale comes as fast food chains have largely pivoted to value meals,  closing restaurants or starting bankruptcy proceedings as inflation continues to slow restaurant spending. Aside from its restaurants and presence in supermarkets, Nathan’s is known for its annual July 4th hot-dog-eating competition at Coney Island. Defending champion Joey Chestnut took down 70.5 hotdogs and buns during last year’s event. Competitive eater Joey Chestnut celebrates after winning the men's championship at the 2025 Nathan's Famous Fourth of July hot dog eating contest in Brooklyn on July. 4, 2025. (Photo by Andrew Schwartz) Nathan’s was started by Polish immigrant Nathan Handwerker, who borrowed $300 from Jimmy Durante and Eddie Cantor in 1916 to start selling hot dogs from a cart at the corner of Surf and Stillwell on Coney Island for 5 cents a pop. Murray Handwerker, Nathan’s son, later led the brand’s nationwide expansion. ...read more read less