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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): December 6, 1999
Tyson Foods, Inc.
(Exact Name of Registration as Specified in Charter)
Delaware 0-3400 71-0225165
(State or Other (Commission File Number) (IRS Employer
Jurisdiction Identification
of Incorporation) No.)
2210 West Oaklawn Drive, Springdale, Arkansas 72762
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (501) 290-4000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events
The purpose of this report is to update certain disclosures contained
on pages 17, 26, 43 and 53 of Tyson Foods, Inc.'s (the "Company") 1999
Annual Report to Shareholders (which is first being mailed to shareholders
on the date hereof) with respect to the letter of intent previously
executed with Smithfield Foods, Inc. for the sale to Smithfield of the
Company's Pork Group subsidiary. On December 6, 1999 (after the Annual
Report had been released for final printing) the Company issued a press
release, a copy of which is attached hereto as Exhibit 99.1, announcing
that both parties were unable to reach a definitive agreement and that
negotiations were mutually terminated. As noted in the press release, the
Company intends to explore all options related to its pork operations,
which may include discussions with other potential buyers. Certain assets
of the Pork Group with a fair value of approximately $70 million are
classified as assets held for sale at October 2, 1999, and a $35.2 million
pretax charge was recorded in fiscal year 1999 for asset impairment.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Exhibits
99.1 Press Release, dated December 6, 1999, of Tyson Foods, Inc.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TYSON FOODS, INC.
By: /s/ Steven Hankins
_____________________________
Steven Hankins
Executive Vice President and
Chief Financial Officer
December 15, 1999
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Tyson and Smithfield Terminate Sale of Pork Group
SPRINGDALE, Ark., Dec. 6 /PRNewswire/ -- Tyson Foods, Inc. (NYSE: TSN -
news) announced today that the Company was unable to reach a definitive
agreement related to the purchase of Tyson's wholly owned subsidiary, The
Pork Group, Inc., by Smithfield Foods, Inc. (NYSE: SFD - news) of
Smithfield, Virginia. Negotiations were mutually terminated because certain
inherent operational characteristics of Tyson's Pork Group did not fit into
Smithfield's expectations or long term plans. Tyson previously announced
that the Company had recorded a loss on this anticipated sale in the fourth
quarter of fiscal 1999 that ended October 2, 1999.
Tyson CEO Wayne Britt stated "Given the current outlook for future pork
prices and the re-valuation of The Pork Group assets at year end, we
believe this development should not have a significant financial impact for
the fiscal year 2000. We will continue to explore all options related to
our pork operations in an orderly fashion, which includes discussions with
other potential buyers. In the meantime we will continue our normal
business operations."
For further information, contact Tyson's Corporate Public Relations
Manager, Ed Nicholson at (501) 290-7232, or Tyson's Director of Investor
Relations, Louis Gottsponer, at (501) 290-4826.
This press release contains forward-looking statements based upon
management's current views and assumptions. Actual events may differ based
upon various risks and uncertainties, including, but not limited to, market
conditions for swine, general industry and economic conditions as well as
the risks detailed from time to time in the Company's quarterly and annual
reports filed with the Securities and Exchange Commission, including the
Company's 1998 Annual Report on Form 10-K.
