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IBP, Inc.

The world's leading meat and poultry processors -- IBP, Inc., Excel Corp., Smithfield Foods, Inc., Tyson Foods, Inc., Gold Kist, Inc., and Farmland National Beef and Farmland Foods -- will create an online, business-to-business marketplace for meat and poultry products, service and information.

The website, expected to be launched this summer, will provide a place for buyers and sellers of meat and poultry products to connect with each other. The initial capitalization for the company is $20 million. Each of the investing companies will have a seat on the board of directors and the exchange will operate as a neutral, independent company. A search is underway for a CEO.

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