Tyson Foods Creates Venture Fund to Fuel the Future of Food
December 05 2016 - 06:59AM
As part of its commitment to innovation and growth, Tyson Foods,
Inc. (NYSE:TSN) has launched a venture capital fund focused on
investing in companies developing breakthrough technologies,
business models and products to sustainably feed a growing world
population.
Tyson will make available $150 million to the fund,
which has been named Tyson New Ventures LLC, to complement the
company's continuing investments in innovation in its core fresh
meats, poultry and prepared foods businesses.
The fund will concentrate on three areas in the
foods space: commercializing delicious, safe and affordable
alternative proteins; tackling food insecurity and food loss
through market making and other commercial models; and tapping the
internet of food to promote more precise and productive resource
application, safety, and consumer empowerment in the food chain.
Tyson New Ventures will invest in these entrepreneurial food
businesses and leverage Tyson Foods’ expertise to boost their
development. The first investment involves Tyson Foods’
previously-announced five percent ownership stake in plant-based
protein producer Beyond Meat.
“We intend to collaborate with promising food
entrepreneurs who are pioneering new products and technology that
are making meaningful changes and improvement to food systems,”
said Monica McGurk, executive vice president of strategy and new
ventures and president of foodservice for Tyson Foods. “We believe
we can accelerate the growth of startups through our capabilities
in such areas as food and culinary research and development,
sourcing, insights, customer relationships and distribution.
By doing so, we hope to materially advance the state of the U.S.
and global food system.”
Tyson New Ventures will be based in Chicago and led
by Mary Kay James, who has been named vice president and general
manager. She previously served as managing director of DuPont
Ventures, was chairperson of the National Venture Capital
Association, Corporate Venture Group, and an advisory board member
to Global Corporate Venturing.
James and her team will seek startups that
complement Tyson Foods’ existing business and product development
efforts. They will focus on the areas of alternative proteins,
elimination of food waste and leveraging innovative trends in
technology.
"This fund is about broadening our exposure to
innovative, new forms of protein and ways of producing food, while
remaining focused on our core fresh meats, poultry and prepared
foods businesses, which are also experiencing tremendous consumer
demand and growth," McGurk said.
For more information, go
to: www.tysonfoods.com/TysonNewVentures
About Tyson Foods
Tyson Foods, Inc. (NYSE:TSN), with headquarters in
Springdale, Arkansas, is one of the world’s largest food companies
with leading brands such as Tyson®, Jimmy Dean®, Hillshire Farm®,
Sara Lee®, Ball Park®, Wright®, Aidells® and State Fair®.
It’s a recognized market leader in chicken, beef and pork as well
as prepared foods, including bacon, breakfast sausage, turkey,
lunchmeat, hot dogs, pizza crusts and toppings, tortillas and
desserts. The company supplies retail and foodservice customers
throughout the United States and approximately 130 countries. Tyson
Foods was founded in 1935 by John W. Tyson, whose family has
continued to lead the business with his son, Don Tyson, guiding the
company for many years and grandson, John H. Tyson, serving as the
current chairman of the board of directors. The company currently
has approximately 114,000 Team Members employed at more than 400
facilities and offices in the United States and around the world.
Through its Core Values, Code of Conduct and Team Member Bill of
Rights, Tyson Foods strives to operate with integrity and trust and
is committed to creating value for its shareholders, customers and
Team Members. The company also strives to be faith-friendly,
provide a safe work environment and serve as stewards of the
animals, land and environment entrusted to it.
Forward Looking Statements
This release includes forward-looking statements as
well as historical information. These forward-looking statements
are made as of the date of the release and include statements
relating to potential investments. Actual results may vary.
Additional information regarding risks which may affect our
results is included in Item 1.A. “Risk Factors” on our Form 10-K
for the period ended October 1, 2016. Tyson Foods does not
assume any obligation to update the information contained in this
communication (whether as a result of new information, future
events or otherwise), except as required by applicable law.
Gary Mickelson
479-290-6111
gary.mickelson@tyson.com
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