Tyson Faces Sluggish Sales as Meat Giant Expands With BRF Deal
- Company is battling depressed prices amid supply boom
- U.S. meatpacker plans to buy six BRF plants for $340 million
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On the same day that America’s biggest meat company disappointed investors with sluggish sales, it showed them what it’s doing about it: chasing greener pastures abroad.
Tyson Foods Inc. said low pork and chicken prices dragged down sales in the first quarter, according to a statement Thursday. To combat the lackluster market conditions, the meat giant has turned to deals to expand its global footprint and its offerings of value-added products, like chicken nuggets. Earlier in the day, Tyson said it was purchasing six facilities from Brazil’s BRF SA for $340 million, including operations in Asia and the U.K.