US meat giant Tyson Foods is set to seal “several” acquisitions overseas in the coming months, its president and CEO has said.
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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.”
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By GlobalDataTyson 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.
