US red meat company Excel Corp. has announced it has signed a letter of intent to purchase beef processing company Taylor Packing Co. Inc., Taylor By-Products, Inc. and related companies.

Wichita-based Excel employs 20,000 worldwide and has 21 production facilities in the US, Canada and Australia. Bill Bucknor, president of Excel said: "The Taylor companies are a highly-respected family business that will fit well with Excel's meat solutions strategy, especially with our case-ready and fresh-beef efforts,"

Terms of the transaction were not disclosed but the acquisition is expected to be finalised by the end of January 2002 subject to government approval.

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