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Provision X and iTradeNetwork (iTN) are a step closer to fulfilling their charter as the online meat products marketplace through an alliance that could generate $6 billion in transactions over the next 18 months. iTN provides online solutions for the 34% of the U.S. retail grocery and food service industries, including seven of the top 15 food retailers in the nation. Provision X, a neutral web-based private network, was built by five companies representing 55% of the $70 billion beef, pork and poultry industry.
The iTN and Provision X systems will be seamlessly integrated, offering instant liquidity to retailers, food service customers, and suppliers, according to the companies. "We believe this is a positive step in the right direction for the industry, and look forward to working closely with our customers on improving their entire supply chain process," said Dick Bond, Fresh Meats and Retail Group President of Tyson Foods.
"This agreement validates our model as a neutral web-based marketplace for buyers and sellers of beef, pork and poultry, and enables current and future Provision X members to gain access to iTN, fulfilling our promise to integrate once and benefit continuously. Together we are more powerful than the sum of our parts," said Kevin Nemetz, CEO of Provision X.