Corporate Profiles - 2021 - 108

COMPANY OVERVIEW
Tyson Foods, Inc.
Beef business unit profit surges during the year
I
t has been a challenging year for Tyson Foods,
Inc. In addition to managing the myriad supply
chain issues brought on by the COVID-19
pandemic, the company is on its second chief executive
officer in less than a year and embroiled
in several price-fixing lawsuits.
On the positive side, the company has benefited
from strong global demand for meat
protein.
Donnie King took the helm of the Springdale,
Ark.-based company in June. He replaced Dean
Banks, who left the company and board of directors
for personal reasons.
Prior to his promotion to president and CEO,
Mr. King was chief operating officer of Tyson
Foods, a role he was named to in February. The
presidents of Tyson Foods' fresh meats, prepared
foods and international businesses reported to
Mr. King when he was COO. He was president
of Tyson's poultry business when he was named
COO and retained the responsibility.
Mr. Banks' tenure as president and CEO was
brief. He stepped into the position on Oct. 3,
2020, replacing Noel White. Mr. Banks joined
Tyson Foods as a director in 2017 and became
president of the company in 2019.
Mr. King took over a company benefiting
from global demand for protein, particularly
beef. In August, when the company reported
its third-quarter results, net income for the
first nine months of the fiscal year had risen to
$1.7 billion, equal to $4.76 per share on the
common stock, from $1.4 billion, or $3.96 per
share, the year prior.
Sales for the first nine months were $34.2
billion, up from $31.7 billion.
Beef business unit sales were $13 billion in
fiscal 2021 versus $11.5 billion in fiscal 2020.
Unit operating income nearly doubled, rising to
$2.1 billion from $1.1 billion in fiscal 2020.
The company said beef sales volume increased
for the first nine months of fiscal 2021
due to strong global demand and increased
cattle processed in the third quarter as compared
to fiscal 2020, partially offset by the
impacts associated with severe weather in the
second quarter of fiscal 2021 and a challenging
labor environment.
Tyson Foods in July sold its pet food business
to General Mills, Inc., Minneapolis. As part of
the acquisition, General Mills also acquired a
manufacturing plant in Independence, Iowa. Tyson
Foods' pet food business had sales of more
than $240 million during the 12 months ended
April 3, according to the company.
Tyson Foods and several other meat and
poultry companies were fined for price fixing
in cases involving chicken and turkey. A case
about pork price fixing is ongoing. The company
agreed to pay approximately $327 million in
fines during the year.
Significant capital projects undertaken by
the company during the year included plans to
invest $300 million to build a 325,000-squarefoot
processing plant in Virginia that primarily
will make the company's fully cooked products,
which include Any'tizer Snacks and chicken
nuggets.
In April, Tyson Foods opened a new 370,000square-foot
poultry processing complex in
Humboldt, Tenn. The $425 million project includes
a processing plant, feed mill and hatchery.
In Pine Bluff, Ark., Tyson Foods is investing
$48 million to expand a poultry processing
plant. The renovation in Pine Bluff will increase
capacity of the facility's fully cooked processing
lines. CP
Chief executive officer -
Donnie King
Tyson Foods net income
(fiscal years ended in September)
Tyson Foods net sales
(fiscal years ended in September)
Tyson Foods share price
per share
$3,024
$2,022
$2,140
$40,052
$42,405
$43,185
$52
$61
$70
$79
$88
2018
2019
2020
2018
2019
2020
Oct.
2020
Dec.
Feb.
2021
Apr.
June
Aug.
108 \ October 2021
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Corporate Profiles - 2021

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