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John H. Tyson, chairman of Tyson Foods Inc., led the company through its multibillion dollar merger with IBP Inc. in 2001.
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At a Glance:Founded in 1935 by John Tyson, Tyson Foods Inc. of Springdale is the world’s largest processor and marketer of chicken, beef and pork. Tyson went public in 1963 and grew its business on the sale of chicken products. In 1989, it nearly doubled its market share with the purchase of Holly Farms. But it was Tyson’s 2001 purchase of IBP Inc., then the country’s No. 1 beef and pork company, that catapulted the company to greater heights. The $4.6 billion deal put Tyson among the nation’s largest companies and made beef, not chicken, the biggest portion of its business. In mid-2006, John Tyson stepped down as CEO and turned over company reigns to Richard L. Bond. John Tyson remains chairman. In 2007, Tyson announced the formation of a 50-50 partnership with Syntroleum Corp. of Tulsa to produce synthetic fuel from refined pork, beef and chicken products. The company in June 2008 purchased 51 percent of Mumbai, India-based Godrej Foods Inc., a subsidiary of Godrej Agrovet Ltd. The new venture, called Godrej Tyson Foods, expected to reach initial annual sales of $50 million. Around the same time it settled a multimillion-dollar lawsuit filed by two of its competitors who alleged that Tyson used deceptive marketing to lie about its antibiotics use in chickens. Other lawsuits regarding the antibiotics claim, however, were pending. In 2009, Tyson Foods announced the departure of Bond, as the company struggled with the recession and higher grain costs. Former CEO Leland Tollett took over as interim CEO. The company has said it might name a CEO before the end of 2009. The company has about 114,000 employees.
More on Tyson Foods Inc.:
Website: http://www.tysonfoodsinc.com
SEC Filings on: Tyson Foods Inc.
Yahoo! Finance on: Tyson Foods Inc.
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