Exhibit 99.1




IBP AGREES TO ACQUIRE FOODBRANDS



Broadens IBP's Exposure to Foodservice, Value-Added Products



Advances IBP's Efforts to Pursue Growth Outside Core business



Dakota City, Nebraska and Oklahoma City, Oklahoma -- March 26,
1997 -- IBP inc. (NYSE: IBP) and Foodbrands America, Inc. (NYSE:
FDB) today announced that they have reached an agreement for IBP
to acquire Foodbrands for $23.40 per share in cash for a
transaction valued at $640 million, including Foodbrands' debt. 
IBP said the acquisition, which increases its presence in the
foodservice industry, represents a significant advancement in
its strategy to diversify beyond the core fresh meat processing
business and extend its product base with value-added, branded
products.

IBP and Foodbrands have entered into a definitive agreement and
plan of merger allowing for the acquisition of the company by
IBP.  By 5 p.m. E.S.T., on April 1, 1997, IBP will commence a
cash tender offer for all the approximately 12.47 million issued
and outstanding shares of Foodbrands at $23.40 per share. 
Foodbrands' largest shareholders, the Joseph Littlejohn and Levy
Limited Partnerships, owners of approximately 44% of Foodbrands
shares, have agreed to tender all of their shares.  Foodbrands'
second largest shareholder, The Airlie Group, has also agreed to
tender shares.

Foodbrands is a leading U.S. producer, marketer and distributor
of frozen and refrigerated products to the fastest-growing
segment of the food industry, the away-from-home food
preparation market.  The leader in the pizza toppings industry,
Foodbrands is also a leading provider of value-added pork based
products to the foodservice industry.  The company produces over
1,600 branded and custom products, including pizza toppings and
crusts, burritos, frozen stuffed pastas, breaded appetizers,
soups, sauces, and side dishes as well as deli meats and
processed beef, poultry and pork.  Foodbrands' products are
designed to meet the foodservice industry's growing demand of
products that offer consistent quality and flavor, require
little back-of-house preparation, and improve food safety.

Robert Peterson, Chairman and CEO of IBP, said, "The acquisition
of Foodbrands is a major step forward in IBP's strategy to
pursue growth beyond our core fresh meats business, and to
diversify into foodservice and value-added products.  We have
been exploring ways to capitalize on the trend by Americans of
spending more on food prepared outside the home than on
groceries to prepare at home.  Our fresh beef and pork reach
supermarket cases, restaurants and foodservice companies all
over the world.  The addition of Foodbrands' business is a
perfect complement to IBP's core processing business and will
allow us to further extend our reach into restaurants and
supermarket deli cases with high quality branded products."

Larry Shipley, Executive Vice President, Corporate Development
of IBP said, "Foodbrands has consistently proven their strength
in developing, manufacturing and marketing customized product
solutions to the foodservice industry, in the U.S. and Europe. 
Foodbrands is number one in the large and growing market for 
pre-made pizza toppings and crusts, and defined many of today's 
standard products in deli meats and appetizers.  We will continue
to foster Foodbrands' creativity and marketing prowess through 
investment and by providing them with greater access to world 
markets.  We intend to operate Foodbrands as a largely independent 
business within the IBP family, and welcome its 3,300 managers and 
employees to our company.  Our companies share many common customers, 
and we expect to explore ways to leverage our distribution channels 
to better serve the needs of a rapidly changing foodservice
industry."

Randy Devening, Chairman, President and CEO of Foodbrands, said,
"We are very pleased to be joining IBP, and are excited about
the growth and expansion possibilities that this new
relationship brings Foodbrands.  IBP is a $13 billion company
and is highly respected in the food processing industry for the
quality of their products and for their operating strength and
efficiency.  By becoming part of the IBP family, Foodbrands
gains access to this operating expertise and to increased
financial resources.  We look forward to continuing our focus on
strong customer relationships and capitalizing on our enhanced
opportunity for growth."

During the past few years Foodbrands has transformed from a
broad-based food company into a focused and innovative food
processing company.  This was achieved through increased and
targeted investments in production technology and research and
development, and through an acquisition and divestiture program
to refocus on the company's core foodservice customer.  

The transaction was unanimously approved by IBP's and
Foodbrands' respective Board of Directors and is subject to
regulatory approval and certain other closing conditions. 
Closing is expected to occur in the second calendar quarter of
1997.  The acquisition will be treated as a purchase for
accounting purposes.  The Joseph Littlejohn and Levy Limited
Partnerships and The Airlie Group have granted IBP the option to
purchase their shares under certain circumstances.

Foodbrands, headquartered in Oklahoma City, Oklahoma, produces,
markets and distributes frozen and refrigerated products
targeted to growth segments of the foodservice market. 
Customers include large multi-unit restaurant chains, major
foodservice distributors, warehouse clubs, and grocery store
delicatessens.  The company employs approximately 3,300
personnel.

IBP, headquartered in Dakota City, Nebraska, is the world's
premier producer of red meat, marketing fresh beef, pork and
related allied products around the globe.  The company employs
over 34,000 people.



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Contacts:  At IBP, Media:  Gary Mickelson (402) 241-2986 or Lisa
La Magna (212) 484-7423
           Investors:  John Borgh or Dean Hanish (402) 241-2041/2167

           At Foodbrands:  Bryant Bynum (405) 879-4100