Poultry giant Tyson Foods has reached a deal to buy I-B-P for three-point-two billion dollars in cash and stock. I-B-P is now the nation’s number-one beef and number-two pork processor. Barb Campbell Determan of Early is president-elect of the National Pork Producers Council.Determan says her biggest concern would be that Tyson might close packing plants. Determan says Tyson has revolutionized the poultry industry with their marketing of value-added products, and she’s anxious to see if they can do the same in the pork industry.I-B-P employs over 10-thousand Iowans, with plants in eight Iowa locations. The company headquarters are located in Dakota Dunes near Sioux City. Sioux City financial analyst David Silverberg says there’s no telling how long the company will keep its headquarters in the area. He believes it may take five or more years, but the company will eventually consolidate its operations.Silverberg says movement of the I-B-P headquarters would not be good news for the local economy.Senator Chuck Grassley says Congress will have “to look at how prudent it is to continue these massive mergers”. He’s concerned the merger will give massive power to the new conglomerate of Tyson/I-B-P.Grassley’s not sure the current anti-trust laws are going to be as effective in the 21st century as they were one hundred years ago when they were written.
