Terms of the deal were not disclosed.
Bruss, based in Dakota City, Neb., processes and sells individual cuts of premium quality beef and pork to national restaurant chains such as Outback Steakhouse. It has annual revenues approaching $100 million.
Bruss, which employs about 200 people at its Chicago facility, will become a wholly owned subsidiary of IBP. No changes in its operations are expected.
The deal follows IBP's March 1997 acquisition of Foodbrands America, Inc., a leading producer, marketer and distributor of frozen and refrigerated products.
"Our acquisition of Foodbrands in March signaled an effort to pursue growth beyond our core fresh meats business," said Robert Peterson, chairman and chief executive of IBP.
"Now, the addition of Bruss extends our reach into casual and fine dining restaurants and strengthens our position as a provider to the growing foodservice industry."
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