The story
In 1951, Leo Peters, an employee of the Chicago meat processor Swift and Co., purchased the trademark for "Butterball" from an Ohio woman who had owned it since 1940. According to Peters' son, Peters was unsure what he would actually use it for, but by 1954 Peters' trimmed, dressed, and fast-frozen turkeys were patented under the name Butterball Turkey.
According to Butterball's website, "Butterball received its name from the broad breast and plump, round shape of the turkey."
Peters licensed the Butterball name to Swift for ten years before selling it to them in the 1960s, which was acquired by ConAgra in 1990.
Leo Peters retained rights to use the name Butterball Farms for his butter products and the company operates today as Butterball Farms, Inc. (founded in 1950s as Peters Pak), producing and marketing shaped butter products.
In October 2006, ConAgra's Butterball branded turkey business was sold to North Carolina–based Carolina Turkeys, making Carolina Turkey the largest turkey producer in the United States. The company, located southeast of Raleigh, North Carolina, in Mount Olive, North Carolina, on the Wayne and Duplin county line, subsequently renamed itself Butterball LLC.
In 2008, the company moved its headquarters to a new $12 million building in Greenfield North off Interstate 40 in Garner, North Carolina. The headquarters has a "customer experience center" with a special kitchen for promotional demonstrations.
Smithfield offered $200 million to Maxwell Farms for the portion of Butterball that Smithfield did not own. Chief executive C. Larry Pope said at that time that he hoped Maxwell Farms would spend more on the company's facilities and marketing. A decision had to be made whether to buy Maxwell's share or sell Smithfield's. On September 10, 2010, Smithfield announced the sale of its 49 percent share of Butterball for an estimated $175 million. Maxwell Farms will sell 50 percent of Butterball to Seaboard Corp.
From Wikipedia’s article on Butterball, shared under CC BY-SA 4.0.4