Tyson Foods Inc. is looking to expand internationally to help stabilize its business and reduce exposure to U.S. agricultural-market swings, its chief executive said.
The Arkansas-based company TSN, +0.03% is considering acquisitions in new markets and revamping its strategy in China, where earlier investments in company-run poultry-farming complexes have struggled, said Noel White, who took over as Tyson’s chief executive officer at the end of September.
Tyson’s effort to rebuild its overseas presence is a way for the top U.S. meat company by sales to harness growing protein demand in developing countries as well as in established markets for meat, White said in his first interview since taking over.
A broader international presence would make Tyson less reliant on the ups and downs of the U.S. meat sector, where processors like Tyson, Pilgrim’s Pride Corp. PPC, -0.31% and Hormel Corp. HRL, +0.14% are struggling against low prices and growing meat supplies.
The U.S. meat industry faces challenges as chicken and pork production rise to record levels this year, according to U.S. Agriculture Department projections. Cheap and abundant meat has sharpened the competition between low-cost goods like hamburgers and chicken nuggets and has cut into chicken demand for suppliers like Tyson.
By Jacob Bunge
Source: MarketWatch
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