Tyson Looks to Expand Beef Operations Internationally
December 09 2019 - 5:00PM
Tyson Fresh Meats, Inc., the beef and pork subsidiary of Tyson
Foods, Inc. (NYSE: TSN), today signed an agreement with the
Republic of Kazakhstan and private holding company Kusto Group to
collaborate on a project that, in its initial phase could lead to
the construction of a modern beef processing plant in Kazakhstan,
with an anticipated harvest capacity of 2,000 head per day.
As presently conceived, the investment is projected to help provide
an annual agricultural economic benefit to the country well in
excess of one billion dollars (USD). Kazakhstan is the ninth
largest country in the world by geographic area and has identified
the livestock and the multi-protein export industry as a key growth
market. The country has an established beef industry which serves
the domestic population with exports to the region. The agreement
with Tyson and Kusto Group is part of a broader initiative by the
Kazakhstan government to expand and modernize agriculture,
beginning with meat production.
Tyson Foods officials have traveled to Kazakhstan, and the Prime
Minister of the Republic of Kazakhstan, Askar Mamin, and
representatives from the country have been to the U.S. to visit
Tyson headquarters, including one of the company’s major beef
complexes. Kusto Group, based in Singapore, but founded in
Kazakhstan, has an existing subsidiary with a leading position in
beef production in the country.
“We are delighted to welcome Tyson Foods to Kazakhstan,” stated
Prime Minister Mamin. “Tyson is a world-class company with the
expertise necessary to help Kazakhstan jump-start the
transformation of our agro-protein capabilities and help us create
an ecosystem that will increase our beef herd size and establish
conditions to support thousands of new high-quality jobs in the
country. We look forward to a long and mutually beneficial
collaboration.” “We’re pleased to execute an agreement with the
Government of Kazakhstan and partner with Kusto,” stated Steve
Stouffer, group president Tyson Fresh Meats. “This opportunity
supports one of our growth strategies to expand Tyson’s global
business, and we look forward to bringing our expertise and
capabilities to the country of Kazakhstan.” “At Kusto, we believe
in the tremendous potential of Kazakhstan to transform into a
global agricultural player, helping provide first class products
for consumers around the world,” stated Yerkin Tatishev, chairman
of the board of directors, Kusto Group. “Together with Tyson
Foods, we are taking a first step in that direction today with our
beef operations and look forward to getting underway.”
Taking into account the advantages of jurisdiction in Astana
International Financial Centre, the parties express interest in
implementing the project at the AIFC.
Tyson Fresh Meats, based in Dakota Dunes, S.D., currently
operates beef plants in Nebraska, Illinois, Iowa, Kansas, Texas and
Washington. The company’s beef business generated $15.8 billion in
sales in fiscal year 2019. 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 has 141,000 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.
About Kusto GroupKusto Group Pte. Ltd.
(www.kustogroup.com) is a diversified international holding
company, headquartered in Singapore with roots in Kazakhstan.
Today, Kusto is successfully operating in the oil and gas, mining,
construction, real estate development, construction materials and
agricultural sectors in more than 10 countries across 4 continents.
The success of Kusto is the result of a strong corporate culture
that values courage, collaboration, partnering with local champions
and a focus on sustainable and ethical
development.
Contact: Liz Croston, 605-235-3657,
liz.croston@tyson.com
Tyson Foods (NYSE:TSN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Tyson Foods (NYSE:TSN)
Historical Stock Chart
From Apr 2023 to Apr 2024