US meat processor has announced that it is to change the name of its IBP fresh meat subsidiary to Tyson Fresh Meats.

IBP, the US’ largest beef processor, was founded in 1960 as Iowa Beef Packers. The name was changed in 1970 to Iowa Beef Processors and then to IBP in 1982. The company was acquired by Tyson in 2001, reported Reuters.

Tyson said the name change would simplify some business processes from a legal and tax standpoint, but would not change the structure of the business.