US - Executives from Tyson Foods, told investors at the Goldman Sachs Consumer Staples Conference that the company is transforming from a protein processor with one brand to a protein-centric consumer packaged goods company with a house of brands.
Donnie King, president of North American operations and food service, and Dennis Leatherby, executive vice president and chief financial officer, talked about Tyson Foods' "advantaged brands in advantaged categories".
"We're demonstrating more stability and less volatility, and we have a growth story," Mr King said.
"We have the number one or number trwo brands in 13 core categories.
“Our products are growing 1.6 times faster than the total retail food and beverage category.
“Ninety-two per cent of our frozen product sales and 99 per cent of our refrigerated product sales are in categories that are growing, and we were number two in retail dollar sales growth for the last 52-week period (according to IRI data)."
Mr Leatherby said the company has raised its targets for prepared foods profit improvement initiatives and synergies from The Hillshire Brands Co. acquisition to more than $250 million for the current fiscal year, $400 million in fiscal 2016 and $600 million in fiscal 2017.
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