At the annual BMO Capital Markets 2013 Farm to Market Conference, Donnie Smith, president and CEO of Tyson Foods Inc. told investors that developing new food products is an important part of the company's growth strategy, and it has an aggressive product launch schedule in fiscal 2013.
"We must continue to provide product innovation to drive traffic and sales for our customers," Smith said. "Keep in mind, we have all types of customers — quick service restaurants, mid-scale restaurants, big box retailers and club stores, small grocery chains, distributors, convenience stores, the military and schools. When they see weak consumer demand, operators are more interested than ever in our new product ideas and business-building opportunities."
Noel White, senior group vice president of fresh meats, said, "While being an efficient commodity protein producer is part of our business, it's not our ultimate goal, and it's not where our growth will come from. Tyson is focused on innovation. Donnie has made it clear to us (Tyson's management team) that he expects revenue growth of 3–4 percent every year and at least 10 percent annual EPS growth over time, and I assure you that's what we're focused on every day."
The conference was held on May 14.