May 12, 1988 |
The federal government took aim again Wednesday at meatpacker IBP Inc., proposing a $3.1-million fine for allegedly ignoring a "serious health hazard" that disabled more than 600 workers in its Dakota City, Neb., plant. It is the second-largest penalty ever proposed by the Occupational Safety and Health Administration. OSHA said the action marks a stepped-up effort by the agency to combat an occupational illness called cumulative trauma disorder.
August 28, 1997 |
One of the nation's largest meat processors, IBP Inc., on Wednesday said it agreed to buy Hudson Foods Inc.'s state-of-the-art beef-processing plant in Columbus, Neb., the focus of a recent massive recall of ground beef linked to possible E. coli contamination. Terms of the deal were not disclosed. Since the recall, meatpacking trade groups are pushing the industry to change hamburger-processing methods and abandon the common practice of mixing in one day's leftovers with the next day's supply.
November 19, 2000 |
Squeals of protest erupted last week from farmers, politicians and regulators when Smithfield Foods Inc. offered to buy its largest competitor and the nation's biggest beef processor, IBP Inc., for $2.7 billion in stock, besting a deal put together by management and a Wall Street investment group.
August 20, 1987 |
Occidental Petroleum told the government Wednesday that it expects to realize nearly $1 billion, more than outsiders had expected, from a complex deal centered on the sale of 49% of its meatpacking subsidiary to the public. In a registration statement with the Securities and Exchange Commission confirming that it is proceeding with plans for a public offering, Oxy said it will offer up to 23.5 million shares in IBP Inc. at an estimated price range of $19 to $22 per share.
October 3, 2000 |
Donaldson, Lufkin & Jenrette Inc.'s investment arm agreed to pay $3.8 billion in cash and debt for IBP Inc., the largest U.S. meat producer, a bet profits will grow as it expands away from slaughtering cattle and into preparing beef and pork for retailers. IBP's owners will receive $22.25 a share, 22% above Friday's close. New York-based DLJ, leading a group that includes IBP managers and Decatur, Ill.-based Archer Daniels Midland Co., will spend $2.4 billion in cash and assume $1.
January 1, 2002 |
Federal authorities are investigating allegations of tampering at an Indiana meat processing plant that resulted in the voluntary recall of 266,000 pounds of ham products, a spokesman for IBP, the company that owns the plant, said. The FBI has launched an inquiry after IBP determined that someone in the Logansport, Ind., plant put metal objects in the meat, said Gary Mickelson, a spokesman for IBP, which was acquired last year by Tyson Foods Inc. R.D.
July 21, 1987 |
The Labor Department today announced a record $2.59-million fine against IBP Inc., the nation's largest meatpacker, for deliberately under-reporting worker injuries at its flagship plant in Nebraska. "This case is the worst example of under-reporting injuries and illnesses to workers ever encountered by (the Occupational Safety and Health Administration) in its 16-year history," Assistant Labor Secretary John Pendergrass said. The penalty is the largest ever imposed on an employer by OSHA.