US: Tyson on acquisition hunt - CEO
US meat giant Tyson Foods is set to seal "several" acquisitions overseas in the coming months, its president and CEO has said.
Dick Bond said he expects Tyson to snap up two poultry companies in Brazil before the end of Tyson's fiscal year, which runs to the end of September.
"We have a healthy pipeline of additional targets that will allow us to achieve our goal of being in the top four poultry producers in Brazil by 2010," Bond told analysts at the BMO Capital Markets Agriculture and Protein Conference yesterday (15 May).
Bond said Tyson would also look to further expand its poultry business in China. In February, Tyson set up a poultry joint venture in the country and Bond said the company had taken initial steps to secure an agreement with another local firm.
"We have also reached another preliminary agreement with another poultry company in China," Bond said. "We will complete due diligence on that over the next three or four months before signing a definitive agreement."
Tyson is looking to boost its international sales to US$5bn by 2010.
International markets are becoming more attractive to US meat processors, due in part to a weak US dollar and strong per capita consumption trends.
US-based meat groups have had a tough time of late amid soaring feed costs and weak domestic demand. However, Tyson Foods, the country's largest processor, has seemed better equipped to weather the st...
The slump in the share price of Premier Foods last week serves to underline the threat that unstable credit markets represent to major food companies, particularly those with high debts. Ben Cooper re...
The effects of the economic downturn on consumer spending are becoming more apparent by the day. And, as the crisis on Wall Street and stock markets round the world gathers pace, our industry is faced...
With this week's headlines came further evidence that food manufacturers are feeling the impact of the global economic crisis, with Dairy Crest, Northern Foods and Tyson all warning of declining profi...
US meat giant Tyson Foods today (10 November) posted a rise in fourth-quarter earnings but saw annual profits tumble due to costs linked to plant closings....
Tyson Foods will invest US$2-4m in its joint venture with India's Godrej Agrovet over the next year....
US meat group Tyson Foods has elected Brad Sauer as an independent member of its board of directors....
One story has dominated this week's headlines - the latest food safety scandal to hit China. As the scare around baby milk powder has spread to liquid milk and other dairy products, so has the gloom o...
- Nestle India grows with global, digital innovation
- Analysis: Tyson's shrewd investment in Beyond Meat
- How Nestle tackles Indian challenges - interview
- Lamb Weston goes it alone: six things to learn
- Thailand: convenience to continue to thrive
- Mars launches Maltesers in the US
- Bel takes majority stake in MOM Group
- Campbell backs US nutrition start-up Habit
- Mondelez focuses on margins as sales slip
- Nestle's Buitoni to remove GMOs
- The Big 15: Strategies and Priorities of Top Packaged Food Players in Comparison
- Packaged Food: Quarterly Statement Q3 2016
- Omega-3 in Food and Beverage:Time for a Reboot?
- Global Food Packaging: Innovating for Greater Convenience and Quality Image
- Meat Processing in China - Industry Market Research Report