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Tyson Foods Completes Sale of Gorges/Quik-To-Fix Plants

SPRINGDALE, Ark., Nov. 25 /PRNewswire/ -- Tyson Foods, Inc. (Nasdaq: TYSNA) announced today that it has finalized its sale of four Gorges/Quik-To-Fix beef processing plants to an entity formed by the existing senior management of the Gorges/Quik-To-Fix Division and their financial partner, Cravey, Green & Wahlen, Inc. ("CGW"). The plants involved in the sale are located in Iowa and Texas.

The decision to sell the balance of Tyson's red meat division was announced in April as part of Tyson Chairman and CEO Leland Tollett's strategy of focusing Tyson toward doing what it does best -- producing and marketing chicken. News of a definitive agreement to sell to the new owners was made public in October.

"We're very pleased that we were able to effect the transfer of ownership of these facilities quickly, smoothly and efficiently," said John Tyson, President of Tyson's Beef and Pork Division. "The new company can continue to effectively serve existing Gorges/Quik-To-Fix customers, while we at Tyson concentrate on chicken."

The four plants involved in the sale are located in Orange City and Sioux City, Iowa, and Garland and Harlingen, Texas. The plants produce a wide variety of further processed beef products.

No sale price or terms of the transaction are being announced.

SOURCE Tyson Foods, Inc.
 -0- 11/25/96

/CONTACT: Archie Schaffer, Director of Media, Public and Governmental Affairs, Tyson Foods, 501-290-7232 or Dick Mitchell, President, Gorges/Quik- To-Fix, 888-456-8070/


CO: Tyson Foods, Inc.; Gorges/Quik-To-Fix; Cravey, Green & Wahlen, Inc. ST: Arkansas, Iowa, Texas IN: FOD SU: TNM

KW -- ATM005 -- 3943 11/25/96 16:56 EST
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Publication:PR Newswire
Date:Nov 25, 1996
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