News In Brief
Tyson Foods Inc. will buy meat processor IBP Inc. for $3.2 billion in cash and stock, defeating rival suitor Smithfield Foods in a bidding battle for the huge beef and pork packer. Tyson, based in Springdale, Ark., will also assume $1.5 billion in debt. Tyson said the purchase of IBP, based in Dakota Dunes, S.D., will triple the company's annual sales to an estimated $24 billion and make it the nation's leading poultry, beef, and pork producer.
Hyundai Engineering & Construction Co., South Korea's largest builder, announced restructuring moves that affect 2,000 of its 7,200 employees. One report said the workers simply would be laid off, while another account implied the workforce reduction was part of a plan to spin off some of the company's design and building operations. Hyundai Engineering was in trouble throughout last year, and government-controlled creditor banks bailed out the company four times.
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