Tyson Foods hungry for more acquisitions
CEO Tom Hayes says Tyson will continue to fuel its business both organically and inorganically
Tyson Foods has been busy with acquisitions during recent months, and the company’s CEO indicated that more could come.
“I can’t get specific on whether we will or won’t do more deals,” Tyson Foods CEO Tom Hayes told The Street. “But what I will say is that our appetite will continue. We will continue to fuel our business both organically and inorganically.”
Hayes came to Tyson Foods in 2014 with the company’s acquisition of Hillshire Brands. He was promoted to president in June 2016 and CEO at the conclusion of 2016, upon the retirement of Donnie Smith.
Since Hayes has become president, Tyson Foods has been involved in a number of acquisitions and investments in other companies. Among the acquisitions are:
- Tecumseh Poultry
- American Proteins and AMPRO Products (pending)
- Three grain elevators from The Andersons Inc.
- Original Philly Holdings
- AdvancePierre Foods
Companies in which Tyson Foods has invested include:
- Beyond Meat
- Future Meat Technologies
Tyson Foods also recently divested of its Sara Lee frozen bakery business, which Hayes said allowed the company to pay down debt and be in a position to “do an acquisition to the extent that is right.” The company has also recently divested of its Van’s and Kettle businesses in an effort to focus more on protein-based foods.
Tyson Foods, through many of its business deals, has expanded well beyond its heritage in the broiler industry, but it remains the top broiler company in the United States, according to the WATTAgNet Top Poultry Companies Database, and recently launched a contract grower’s bill of rights that spells out the guarantees the company offers its broiler growers.
Tyson Foods has been identified as one of five potential companies to express an interest in acquiring Keystone Foods, the tenth largest broiler company in the United States, from Marfrig Global Foods, but neither Tyson nor Marfrig has confirmed that to be true.