Feb 15 (Reuters) - Smithfield Foods Inc:

* To form joint venture with Kansas City sausage company

* Says signed a non-binding letter of intent to form a 50/50 joint venture with

Kansas City sausage company, llc

* Says expects the transaction to be immediately accretive to earnings

* Says transaction will be funded with cash on hand and is expected to close in

the fourth quarter of fiscal 2013

* Says terms of the letter of intent were not disclosed

* Source text

* Further company coverage

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