SPRINGDALE, Ark., July 15 /PRNewswire-FirstCall/ -- Tyson Foods
(NYSE: TSN) today issued the following statement in response to the Ninth
Circuit Court of Appeals ruling that permits the reopening of the U.S. border
to Canadian cattle imports:
We're grateful for the court's ruling and look forward to the resumption
of Canadian cattle trade. As we said in our brief in support of USDA's
appeal, because of the science-based safeguards implemented by the U.S. and
Canada to protect the consumer, there is no basis for keeping the border
closed.
Like others in the industry, we're awaiting word from USDA on the timing
and logistics of the border reopening. Once we have those details, we intend
to move as quickly as possible to resume the purchase of Canadian cattle for
some of our U.S. plants.
We will provide updated insights on factors affecting our business,
including the beef business, during our third quarter earnings conference call
on Monday, August 1. These factors include the status of the border
reopening, how the renewed flow of Canadian cattle may affect plant capacity
utilization and the continued closure of key export markets in Asia, which
continue to impact beef operating conditions.
Tyson Foods, Inc., founded in 1935 with headquarters in Springdale,
Arkansas, is the world's largest processor and marketer of chicken, beef, and
pork and the second-largest food company in the Fortune 500. The company
produces a wide variety of protein-based and prepared food products, which are
marketed under the "Powered by Tyson(TM)" strategy. Tyson is the recognized
market leader in the retail and foodservice markets it serves, providing
products and service to customers throughout the United States and more than
80 countries. Tyson has approximately 114,000 Team Members employed at more
than 300 facilities and offices in the United States and around the world.
Forward-Looking Statements
Certain statements contained in this communication are "forward-looking
statements" such as statements relating to the reopening of the U.S. border to
Canadian cattle. These forward-looking statements are subject to risks,
uncertainties and other factors, which could cause actual results to differ
materially from historical experience or from future results expressed or
implied by such forward-looking statements. Among the factors that may cause
actual results to differ materially from those expressed in, or implied by,
the statements are the following: (i) fluctuations in the cost and
availability of raw materials, such as live cattle, live swine or feed grains;
(ii) market conditions for finished products, including the supply and pricing
of alternative proteins, and the demand for alternative proteins; (iii) risks
associated with effectively evaluating derivatives and hedging activities;
(iv) access to foreign markets together with foreign economic conditions,
including currency fluctuations and import/export restrictions; (v) successful
rationalization of existing facilities, and the operating efficiencies of the
facilities; (vi) changes in the availability and relative costs of labor and
contract growers; (vii) issues related to food safety, including costs
resulting from product recalls, regulatory compliance and any related claims
or litigation; (viii) adverse results from litigation; (ix) risks associated
with leverage, including cost increases due to rising interest rates or
changes in debt ratings or outlook; (x) changes in regulations and laws (both
domestic and foreign), including changes in accounting standards,
environmental laws and occupational, health and safety laws; (xi) the ability
of the Company to make effective acquisitions, and successfully integrate
newly acquired businesses into existing operations; (xii) effectiveness of
advertising and marketing programs; and (xiii) the effect of, or changes in,
general economic conditions. The Company wishes to caution readers not to
place undue reliance on any forward-looking statements, which speak only as of
the date made. Tyson undertakes no obligation to publicly update any forward-
looking statements, whether as a result of new information, future events or
otherwise.
SOURCE Tyson Foods, Inc.
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Related links:
http://www.tyson.com
CONTACT:
media, Gary Mickelson, +1-479-290-6111, or
investors, Louis Gottsponer, +1-479-290-4826, both of Tyson
Foods, Inc.
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