Purchase supports Tyson Foods’ valued-added and international growth strategies
SPRINGDALE, Ark., Nov. 30, 2018 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (TSN) has successfully completed the acquisition of Keystone Foods from Marfrig Global Foods. The purchase of Keystone, a leading supplier of chicken, beef, fish and pork to the growing global foodservice industry, aligns with Tyson Foods’ domestic and international growth strategy.
“Our biggest growth opportunities are in value-added foods and international markets. Our acquisition of Keystone helps us achieve both,” said Noel White, president and CEO of Tyson Foods. “The addition of Keystone’s team, industry expertise and international operations strengthens our capabilities. I’m pleased to welcome our newest team members to the Tyson Foods family.”
This acquisition involves eight plants and three innovation centers in China, South Korea, Malaysia, Thailand and Australia that will help meet growing international demand. Tyson Foods also is gaining an innovation center and six processing plants in the U.S. with locations in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania and Wisconsin. Keystone supplies chicken, beef, fish and pork to some of the world’s leading quick-service restaurant chains, as well as retail and convenience store channels. Its value-added product portfolio includes such items as chicken nuggets, wings and tenders; beef patties; and breaded fish fillets.
“We’ll work to make the integration of Keystone as seamless as possible while maintaining high levels of service to our customers,” White said. “An Integration Management Office has been formed with leaders from both companies who will lead us through the process. I look forward to all we can accomplish together as one Tyson Foods.”
About Tyson Foods
Tyson Foods, Inc. (TSN) is one of the world’s largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the company has a broad portfolio of products and brands like Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®. Tyson Foods innovates continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do. Headquartered in Springdale, Arkansas, the company had 121,000 team members at September 29, 2018. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it. Visit www.tysonfoods.com
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements, including statements regarding expected benefits of the Keystone Foods acquisition, including the strategic benefits, growth, and integration efficiencies, each of which involve a number of risks and uncertainties, including the impact of general economic, industry, market or political conditions; risks related to the ultimate outcome and results of integrating the Keystone Foods operations; the ultimate ability to realize synergies; the effects of the business combination on Tyson Foods and the Keystone Foods operations, including on the combined company’s future financial condition and performance, operating results, strategy and plans. These statements constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The words “will,” “should,” “estimate,” “expect,” “intend,” “believe” and other similar expressions (or the negative of such terms) are intended to identify forward-looking statements. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialize, actual results and the timing of events may differ materially from the results and/or timing discussed in the forward-looking statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date of this communication, and Tyson Foods does not undertake any obligation to update any forward-looking statement except as required by law.