The purchase of Keystone is part of Tyson Foods’ domestic and international growth strategy.
“Our biggest growth opportunities are in value-added foods and international markets. Our acquisition of Keystone helps us achieve both,” said Noel White, president and CEO of Tyson Foods. “The addition of Keystone’s team, industry expertise and international operations strengthens our capabilities. I’m pleased to welcome our newest team members to the Tyson Foods family.”
The acquisition involves eight plants and three innovation centres in China, South Korea, Malaysia, Thailand and Australia, and is expected to help Tyson meet growing international demand.
Tyson Foods is also gaining an innovation centre and six processing plants in the US, with locations in Alabama, Georgia, Kentucky, North Carolina, Pennsylvania and Wisconsin.
Keystone supplies chicken, beef, fish and pork to some of the world’s leading quick-service restaurant chains, as well as retail and convenience store channels. Its value-added product portfolio includes items such as chicken nuggets, wings and tenders; beef patties; and breaded fish fillets.
“We’ll work to make the integration of Keystone as seamless as possible while maintaining high levels of service to our customers,” added White. “An Integration Management Office has been formed with leaders from both companies who will lead us through the process. I look forward to all we can accomplish together as one Tyson Foods.”
Last month, Tyson reported a drop in sales for the fourth quarter of the year, caused by falling meat prices.