Tyson Foods Inc. Continues Buyout Restructuring Process

Restructuring of Tyson Foods Inc. continued as the Springdale company announced more management changes Aug. 15 with the planned acquisition of IBP Inc. near completion.

The acquisition, expected to finalize in October, is a total package of about $4.4 billion, including about $1.5 billion in assumed IBP debt. Tyson Foods will become the world’s largest meat company, controlling 28 percent of the beef market, 23 percent of the chicken market and 18 percent of the pork market.

Tyson Foods will keep its headquarters in Springdale, while IBP’s Dakota Dunes, S.D., offices will be the home of the IBP Fresh Meat Division of the new Tyson Foods.

President, Chairman and CEO John Tyson said the new company’s channel structure will consist of two primary marketing groups: a food service and international group, to be led by Co-COO and group president Greg Lee; and a fresh meats and retail group, to be headed by co-COO and group president Dick Bond. Bond was president of IBP Inc.

It also was announced that Steve Hankins will be the chief financial officer, and Les Baledge will be general counsel for the new company.