“We have to be best in class in every thing we do.” â€”
Tyson’s Leland Tollett, interim president and chief executive officer for Tyson.
Leland Tollett, Tyson's interim president and chief executive officer, and several management team members participated in a news briefing today to discuss the general direction of the company and new products developed by Tyson’s Discovery Center in Springdale.
Although the company has experienced economic losses, the significant portion of the business reportedly is in pretty good shape.
“We have experienced some loss, but we are working to turn this back to profits, and we have made big strides in the past three or four weeks,” says Tollett. “Yields are in pretty good shape, and not out of step with our competition.”
Although overall industry fundamentals are improving, the company is not relying on these to run its business and announced a “back-to-basics” approach for the future. While consumers are turning to retail for their dining experience, driven primarily by new and value-added products, Tyson sees its approach in the segment as leading the industry.
“Our fresh chicken business is doing well,” says Tollett. “Our value-added segment has struggled a bit while consumers are looking to stretch their food dollars, while our prepared-foods business holds a plethora of products, suited well to our economic environment.”
Tyson officials say they are pleased with the Q1 performance of the firm's beef and pork businesses, and stated positive prospects for the international business as the company solidifies joint ventures and progress in China, Brazil , India and Mexico. Its international footprint also is expanding and officials says they are proud of accomplishments in this arena. Growth platforms were announced in renewable energy, flavors, pet-treat and nutraceutical development, and biotechnology.
New product initiatives were also detailed. Retail offerings include Skillet Creations, Braised Beef Brisket with Mild Chili Sauce and Pork Loin in Sweet & Tangy BBQ Sauce. Meanwhile, the foodservice products include Homestyle Breaded Value Chicken Tender, Right Size™ Filets, Value Meatballs, and Shaved Steak Beef. A new Chicken Burger was developed for international markets.
Tyson News Briefing
February 6, 2009