US: Tyson secure despite high grain prices
Tyson Foods CEO Richard Bond said he is confident the company is positioned for future success despite the impact of escalating grain prices.
Speaking at the annual Consumer Analyst Group of New York Conference yesterday (19 February), Bond said: ""We've accomplished a great deal in our efforts to make Tyson a stronger, more agile company and believe we have the right strategies in place to win.
"We're confident about our future because of our efforts to optimize our commodity businesses, create new products, expand our international presence and increase the value of our by-products."
With corn-based ethanol putting pressure on input costs for the company, Tyson is working to offset the higher costs by increasing product prices. The company is also continuing to push for changes in the government mandate on corn-based ethanol and the removal of tariffs on sugar-based ethanol imports.
Only this month, Tyson announced plans to further expand outside the US with a poultry joint venture in China the Jiangsu Jinghai Poultry Industry Group.
Tyson also been linked to rumours suggesting the acquisition of Brazilian chicken company Pena Branca.
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