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Tyson Foods Strategically Positioned For Additional Success
By Mr Ethanol | February 20, 2008
FOXBusiness:
Despite the impact of escalating grain prices and other market-related challenges, Tyson Foods, Inc. (NYSE:TSN) is strategically positioned for future success, the company’s president and chief executive officer reported today. Richard L. Bond spoke Tuesday at the annual Consumer Analyst Group of New York (CAGNY) Conference.
“We’ve accomplished a great deal in our efforts to make Tyson a stronger, more agile company and believe we have the right strategies in place to win,” said Bond. “We’re confident about our future because of our efforts to optimize our commodity businesses, create new products, expand our international presence and increase the value of our by-products.”
Tyson experienced increased sales of $1.5 billion in fiscal 2007 and generated operating income of $700 million while incurring $300 million in additional grain costs. The company also reduced debt by $1.2 billion.
Corn-based ethanol is putting pressure on input costs for the food industry and companies like Tyson. Approximately 25% of the U.S. corn crop is expected to be used in 2008 to produce ethanol, compared to only 8% in 2002. Carry on reading…
Topics: Ethanol, Market, News |
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