March 5, 2018

Tyson Foods unveils new innovations as part of "continued evolution"

Tyson Foods, Inc. president and CEO Tom Hayes said that the company is well-positioned to meet the growing demand for protein.

Speaking at the 2018 Consumer Analyst Group of New York conference in February, Hayes and members of Tyson Foods' leadership team shared with investors that the company is delivering on its strategy and driving growth across its portfolio of protein - from its chicken, beef and pork segments to prepared foods.

"Tyson Foods is transforming from a company with a strong heritage in chicken to a modern food company that is challenging the industry status quo," Hayes commented. "Consumers expect more from food companies today and we're up for the challenge. We're combining our size and scale with agility to make food people want to eat. That's driving our business and helping us deliver top-tier returns for shareholders."

Strong operating cash flows, a prudent capital allocation strategy and the financial flexibility to make strategic acquisitions position Tyson Foods to achieve long-term profitable growth. Notably, the company's prepared foods segment has seen significant growth, with operating margins more than tripling over the last four years.

To continue growing prepared foods and driving growth across the entire business, Tyson Foods shared the bold actions it is taking in three key areas.

Modernising its US$1 billion brands

Tyson Foods is innovating and brand building to keep its multiple billion-dollar brands - including Jimmy Dean and Hillshire Farm - that are already customer favorites contemporary and relevant.

Tyson will also be launching a new consumer brand identity that is simple and modern, yet still easily recognisable to consumers and grounded in the heritage of the company's flagship brand.
 

Creating tomorrow's iconic brands and businesses

Tyson Foods is employing a start-up mindset and moving faster than ever on new products and partnerships.

The company announced an exclusive partnership with Tajin, one of Mexico's most authentic and recognised spice brands. Tyson Foods will leverage its protein know-how, culinary capability and brand building expertise with Tajin through a portfolio of new products including Tajin spiced meatballs, smoked sausage with mango and boneless chicken bites.

Changing the game with new growth models

Tyson Foods is moving beyond traditional categories and challenging conventional ways of thinking and working in the consumer packaged goods space.

This year, the company is launching a new brand called Green Street, in-line with consumer demand for ready-to-eat meals. Its first foray will be protein-rich grab-and-go bowls that are 100% plant-based.

In addition, Tyson Foods is making strategic investments through Tyson Ventures, backing talented entrepreneurs who are pioneering breakthroughs in food and food-focused technologies. Its initial investments included Beyond Meat, Memphis Meats and Tovala.

The company launched its Tyson Innovation Lab, which is focused on exploring new approaches to accelerate the pace of innovation. The lab brings together a lean team of designers, chefs, scientists and supply chain experts in a dedicated space at the company's Chicago office and gives them six months to develop from an idea into an in-market solution. For the first product launch, they are finding opportunity in wasted food. Utilising what goes unused in the food supply chain as ingredients, they are developing a line of protein snacks branded "YAPPAH".