Tyson Foods (NYSE:TSN)
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6 Months : From Jul 2019 to Jan 2020
In an effort to meet growing global demand for U.S. pork, Tyson Fresh Meats, the beef and pork subsidiary of Tyson Foods, Inc. (NYSE: TSN), today announced plans to prohibit the use of ractopamine in the market hogs it buys from farmers beginning in February 2020.
Ractopamine is a feed ingredient that helps increase the amount of lean meat in hogs. While it is FDA-approved and considered safe for use, some countries such as China prohibit the import of pork from hogs that have been given the product.
Tyson Fresh Meats has been offering a limited amount of ractopamine-free pork to export customers by working with farmers who raise hogs without it, and by segregating the animals and products at processing plants. However, these programs no longer adequately meet growing global demand.
“We believe the move to prohibit ractopamine use will allow Tyson Fresh Meats and the farmers who supply us to compete more effectively for export opportunities in even more countries,” stated Steve Stouffer, President, Tyson Fresh Meats.
Most of the hogs delivered to the company’s pork plants are purchased from about 2,000 independent farmers.
Farmers were notified of the change Wednesday and have until February 4, 2020, to meet the new requirement. The company plans to work with them over the next several months to begin the process of testing hogs to ensure they are ractopamine-free.
Tyson Fresh Meats is the largest American-owned pork processor and generates almost $1 billion in pork export sales annually.
About Tyson FoodsTyson Foods, Inc. (NYSE: TSN) is one of the world’s largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the company has a broad portfolio of products and brands like Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp®, and State Fair®. Tyson Foods innovates continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do. Headquartered in Springdale, Arkansas, the company had 121,000 team members. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it.
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