Tyson Foods, the US meat giant, has outlined its ambitions for its branded business.
Tom Hayes, Tyson's chief commercial officer and president of its foodservice division, said the company wanted to become the world's largest seller of protein-based brands.
"In the coming years, we have our sights set on selling more branded, protein-centric food, than any other company in the world," Hayes told the Barclays Global Consumer Staples Conference yesterday (9 September). "Our focus is to accelerate profitable growth through best in class brand building and innovation in the fastest growing categories in food."
Tyson boosted its presence in brands through its acquisition of US group Hillshire Brands for US$8.55bn last year.
CFO Dennis Leatherby told the conference Tyson should continue to produce more stable earnings and consistent growth.
"We're still on our journey, and we're well positioned only a year after completing the Hillshire merger," Leatherby said. "Our goal is to average at least 10% annual earnings per share growth over time. Our projected three-year CAGR is approximately 17% from fiscal 2012 to 2015."
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Challenges in the beef industry have weighed on the company's results this year, Leatherby said. However, he insisted strong performances by Tyson's prepared foods and chicken businesses "reinforce the strategy of moving more of the product portfolio into value-added, higher-margin categories".