NEW YORK, May 14, 2013 (GLOBE NEWSWIRE) -- At the annual BMO Capital Markets 2013 Farm to Market Conference, Donnie Smith, president and chief executive officer of Tyson Foods, Inc. (NYSE:TSN), told investors that developing new food products is an important part of the company's growth strategy, and it has an aggressive product launch schedule in fiscal 2013.
"We must continue to provide product innovation to drive traffic and sales for our customers," Smith said. "Keep in mind, we have all types of customers -- QSRs, mid-scale restaurants, big box retailers and club stores, small grocery chains, distributors, convenience stores, the military and schools. When they see weak consumer demand, operators are more interested than ever in our new product ideas and business-building opportunities."
Noel White, senior group vice president of fresh meats, said, "While being an efficient commodity protein producer is part of our business, it's not our ultimate goal, and it's not where our growth will come from. Tyson is focused on innovation. Donnie has made it clear to us (Tyson's management team) that he expects revenue growth of 3-4% every year and at least 10% annual EPS growth over time, and I assure you that's what we're focused on every day."
About Tyson Foods
Tyson Foods, Inc. (NYSE:TSN), with headquarters in Springdale, Arkansas, is one of the world's largest processors and marketers of chicken, beef and pork, the second-largest food production company in the Fortune 500 and a member of the S&P 500. The company was founded in 1935 by John W. Tyson, whose family has continued to be involved with son Don Tyson leading the company for many years and grandson John H. Tyson serving as the current Chairman of the Board of Directors. Tyson Foods produces a wide variety of protein-based and prepared food products and is the recognized market leader in the retail and foodservice markets it serves. The company provides products and services to customers throughout the United States and approximately 130 countries. It has approximately 115,000 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 may include statements relating to domestic and international growth and product innovations. Actual results may vary. Factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: consumer demand and perceptions; the availability of raw materials; customer requests and requirements; and the ability to compete in products and prices in a competitive industry.