Meat and Poultry Web Market Forms

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The online business-to-business marketplace officially went to the birds yesterday when six companies formed an online marketplace for the meat and poultry industry.

IBP Inc., Cargill Inc., Smithfield Foods Inc., Tyson Foods Inc., Gold Kist Inc. and Farmland Industries said they will invest $20 million to form the marketplace, which will function as an independent company.

The marketplace, set for launch this summer, will be a neutral Web-based exchange geared to facilitate faster and more direct product comparisons and price negotiation, the companies said.

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