000427 Meat & Poultry Makers to Go OnlineApril 13, 2000Springdale, AR - Six of the world's leading meat and poultry companies are searching for a chief executive for a new online trading company. Tyson Foods, IBP, Cargill, Smithfield Foods, Gold Kist and Farmland Industries plan to launch the Internet site this summer. They say they hope the new Internet company, expected to cost $20 million, will make product comparisons and price negotiations easier and faster. “This marketplace will make our customers' lives easier by providing one convenient place to conduct transactions and help manage their supply chains,” IBP chairman Robert L. Peterson said. The six founding members have combined meat and poultry sales of over $40 billion. Each of the investing companies will have a seat on the board of directors. “This exchange will be neutral, showing no favoritism among sellers or between buyers and sellers,” Smithfield chairman Joseph W. Luter III said. The exchange also should improve communications between the companies. “The automated exchange will improve efficiencies in an industry that still relies heavily on faxes and phone communications,” said Bill Buckner, president of Excel Corporation, which manages Cargill's meat business.
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