Tyson Foods unveils new innovations as part of its continued evolution
Tyson Foods Inc. President and Chief Executive Officer Tom Hayes said last week that Tyson Foods is well-positioned to meet the growing demand for protein. Speaking at the 2018 Consumer Analyst Group of New York conference, Hayes and members of Tyson Foods’ enterprise leadership team shared with investors that the company is delivering on its strategy and driving growth across the company’s 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 said. “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’s taking in three key areas:
Modernizing its $1 billion brands
Tyson Foods is innovating and brand building to keep its multiple billion-dollar brands that are already customer favorites contemporary and relevant.
- Jimmy Dean: Launching Egg’wiches in May, a new line of frozen breakfast sandwiches without the bread, plus new egg white scrambles to build on the success of Jimmy Dean Simple Scrambles Breakfast Cups, which were the best performing new single-serve breakfast item at retail last year.
- Hillshire Farm: Launching a line of premium carved all-natural meats for snacking, salads and wraps in the lunchmeat section this spring, along with a new master brand campaign built around the idea that when you enjoy food that’s crafted with care, you’re closer to the farm than you think.
- Tyson: Launching a new consumer brand identity that is simple and modern, yet still easily recognizable 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 recognized 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.
- 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 about 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 go from an idea to an in-market solution. For the first product launch, they are finding opportunity in wasted food. Utilizing what goes unused in the food supply chain as ingredients, they are developing a line of protein snacks branded “YAPPAH”.
Source: Tyson Foods Inc.