Even though poultry market conditions are showing signs of improvement, the leadership of Tyson Foods, Inc. vows to maintain a ''sense of urgency'' in returning the company's chicken business to profitability. 

 

Interim President and CEO Leland Tollett on Friday (Feb 6) addressed shareholders at the company's 46th annual meeting. He told them market fundamentals in the chicken business have been improving, with product values going up and input costs down. However, he also emphasised the company must not solely rely on better market conditions.

 

''To be successful, we need to have efficient, high-performing operations, and we are making progress,'' Tollett said. He indicated Tyson's poultry yields, labour management and plant efficiencies are currently competitive and noted the company continues efforts to enhance product mix, as well as customer service and satisfaction.

 

''Although we've improved our execution, we must maintain our sense of urgency to return our chicken business to acceptable levels of profitability and regain our position as best in class,'' he said.

 

Tollett also said Tyson has made significant progress in growing its international business and proceeding with the company's renewable products initiatives.

 

Tyson's current key strategies include developing new products customers need, improving operational efficiencies, continuing international expansion and remaining focused on ways to add value to by-products.

 

Tyson Chief Financial Officer Dennis Leatherby noted Tyson's liquidity, which was US$1.1 billion at the end of the first quarter of fiscal 2009, enabled the company to make international acquisitions and fund its renewable products efforts.  

 

During the business portion of the annual meeting, shareholders elected nine members to the Tyson Board of Directors, including six independent directors. Those elected were Lloyd Hackley, Jim Kever, Kevin McNamara, Brad Sauer, Jo Ann Smith, Barbara Tyson, Don Tyson, John Tyson and Albert Zapanta. 

 

Springdale, Arkansas-based Tyson Foods, Inc. is the world's largest processor and marketer of chicken, beef and pork. The company produces a wide variety of protein-based and prepared food products to customers throughout the US and more than 90 countries.