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Dominick Reuter
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2023-08-08T20:48:58Z
- Tyson Foods' own brands, including Jimmy Dean and Hillshire Farm, produce about 20% of U.S. beef, chicken and pork.
- The Arkansas-based company had $53.6 billion in sales last year and has been family-run for generations.
- Chairman John H. Tyson and his family are worth $2.5 billion, making the Tysons one of the wealthiest families in the country.
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Tyson Foods is one of themtop four meat companiesin the United States and sells one in every five pounds of beef, pork and chicken eaten by American consumers.
The company has been family-run since its founding in 1931, with chairman John H. Tyson – grandson of founder John W. Tyson – and his family members owning the majority of the company's stock. Tysons is worth $2.5 billion on the dollarForbes.
Here's a look at the massive beef, pork and poultry industries and the billionaire family behind them.
Katie Warren contributed to an earlier version of this article.
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Tyson Foods is an Arkansas-based meat company that produces approximately one-fifth of the meat consumed in the United States. Among the brands Tyson owns are Jimmy Dean, Hillshire Farm and Aidells.
The company has been family-run for four generations, making the Tyson family one of the wealthiest in the United States. Their combined net worth is over $2.5 billion.
Bron:Forbes
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The company's origins date back to the Great Depression, when John W. Tyson started a business delivering chickens around the Midwest in 1931.
By the 1940s, the demand for poultry had grown and Tyson switched to raising chickens and milling feed for local chicken farmers, establishing his business as Tyson Feed and Hatchery Inc.
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In 1952, John W. Tyson's son, Don Tyson, joined the company as general manager straight out of college. The company opened its first processing plant in Arkansas six years later at a cost of $90,000.
The company went public as Tyson Foods in 1963 and began a series of acquisitions. In 1966, Don became president of the company before taking over his father's role as chairman and CEO a year later.
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Tyson Foods continued to grow through the 1970s and 1980s, moving to new corporate offices and acquiring companies such as Mexican Original, a flour and corn tortilla company. Between 1984 and 1989 the company doubled in size.
In the late 1990s, Don Tyson retired and his son, John H. Tyson, took over as chairman, becoming the third generation of Tysons to run the company. In 2000 he was appointed CEO.
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As CEO from 2000 to 2009, John H. Tyson oversaw the acquisition of meatpacking company IBP Inc. worth $4.6 billion by Tyson Foods, as well as on the construction of a business “innovation center.” Although he stepped down as CEO in 2009, Tyson remained chairman – a role he still holds to this day.
According to Tyson Foods, Don Tyson remained on the board and remained active in the company for many years until his death in January 2011 at the age of 80.
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The company made headlines in 2020 in the early months of the coronavirus pandemic due to outbreaks at some of its U.S. meatpacking facilities, even though the company said the "vast majority" of U.S. facilities had no cases.
The family ties extend beyond John H. Tyson's father and grandfather; his aunt, Barbara Tyson, also serves on the company's board of directors after a career with the company as a director and vice president.
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John R. Tyson, the fourth generation of the family, joined the C-suite as Chief Sustainability Officer in 2019 and has since been promoted to Chief Financial Officer. He would be next in line for the chairmanship of the company.
Bron:Wall Street Journal
Earlier this year, the younger Tyson pleaded guilty to charges of public intoxication and criminal trespass after he was allegedly found asleep in bed by a woman who did not know him. He paid the necessary fines and apologized to Tyson's investors and employees.
Bron:Insider
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Rising costs for wages, grain and livestock prompted Tyson to raise prices in 2022, which also boosted profits. But customers appear to be pulling back, causing prices to drop. In March, the company announced the closure of two factories, and in April, the company announced layoffs. A month later, Tyson surprised investors with its first quarterly loss in fourteen years.
Source: The company's earnings call viaAlphaSense,Axios,
Reuters,Reuters
In June 2023, the company confirmed it would lay off 262 employees in South Dakota who refused to move to its headquarters in Springdale, Arkansas. Two months later, the company said it would close four chicken plants in Arkansas, Indiana and Missouri, eliminating about 3,000 jobs.
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“We are in a special moment where we are facing headwinds in the chicken, pork and beef sectors,” Chief Financial Officer John R. Tyson told investors in August. “The timeline for recovery is different for each.”
Source: The company's earnings call viaAlphaSense
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Tyson Foods: Overview and Ownership
Tyson Foods is an Arkansas-based meat company that produces approximately one-fifth of the meat consumed in the United States. The company owns several well-known brands, including Jimmy Dean, Hillshire Farm, and Aidells .
Family-Run Business
Tyson Foods has been a family-run business since its founding in 1931. The company's origins trace back to the Great Depression when John W. Tyson started a business delivering chickens around the Midwest. Over the years, the company expanded its operations, moving into raising chicks and grinding feed for local chicken farmers. In 1952, John W. Tyson's son, Don Tyson, joined the company and played a significant role in its growth and success. Don Tyson eventually became the chairman and CEO of Tyson Foods, and his son, John H. Tyson, succeeded him as the third-generation leader of the company.
Company Growth and Acquisitions
Under the leadership of Don Tyson, Tyson Foods continued to grow throughout the '70s and '80s. The company expanded into new corporate offices and made strategic acquisitions, such as Mexican Original, a flour and corn tortilla company. Between 1984 and 1989, Tyson Foods doubled in size.
Leadership Transition
In the late '90s, Don Tyson retired, and his son, John H. Tyson, took over as chairman of the board, becoming the third generation of Tysons to lead the company. John H. Tyson served as the CEO from 2000 to 2009 and oversaw significant developments, including the acquisition of meatpacking company IBP Inc. and the construction of an innovation center. Although he stepped down as CEO in 2009, John H. Tyson remained the chairman of the board, a position he still holds today.
Fourth Generation and Future Leadership
The Tyson family's involvement in the company extends to the fourth generation. John R. Tyson, the son of John H. Tyson, joined the company as the chief sustainability officer in 2019 and has since been promoted to chief financial officer. He is presumed to be next in line for the chairmanship of the company .
Financial Success and Challenges
Tyson Foods has achieved significant financial success over the years. In 2022, rising costs for wages, grain, and livestock led the company to raise prices, resulting in increased profits. However, the company faced challenges as shoppers pushed back against the higher prices, causing a decline in sales. Tyson Foods announced plant closings, corporate layoffs, and reported its first quarterly loss in 14 years. The company continues to navigate these challenges in the meat industry.
COVID-19 Pandemic Impact
Tyson Foods made headlines in 2020 during the early months of the coronavirus pandemic due to outbreaks at some of its meat processing plants. The company stated that the "vast majority" of its facilities across the US had no cases. The pandemic had an impact on the meat industry as a whole, leading to disruptions in the supply chain and changes in consumer behavior .
These are the key points related to Tyson Foods and the Tyson family based on the information provided in the article. If you have any specific questions or need further information, feel free to ask!
