USA – Tyson Foods, the American multinational corporation has announced that it was exploring the sale of its pizza crust business (TNT Crust), while it shifts focus on its core protein business.
The company is capitalizing on demand for protein after it reported a 1755 surge in net income for the quarter ended 30, December 2017.
The sale, which is to be conducted by Goldman Sachs includes partially baked crusts, flat breads and self-rising crusts as well as the company’s two manufacturing facilities in Green Bay, Wis.
However, the company will retain the tortilla production from the facilities that will be used in other parts of its business.
“We’re focused on maximizing the full potential of our core business, and this divestiture will help pave the way for growth in our protein brands,” said Sally Grimes, Group President, Prepared Foods.
“We believe a potential buyer will see the value of the pizza crust business as a whole, including the TNT Crust brand, the facilities, and the talented team members, and will be able to focus on its future.”
It operates under the brands Jimmy Dean, Hillshire Farm, Sara Lee, Ball Park, that positions in the second ranking as the world’s largest processor and marketer of chicken, beef, and pork after JBS S.A.
Thomas P. Hayes, president and chief executive officer had noted earlier that an expanding U.S. cattle herd is providing Tyson Foods plants with plenty of cattle and management expects the trend to continue through fiscal year 2020.
Tyson Foods unveiled new product and business strategies to address changes in consumer preferences that are driving growth across the company’s protein portfolio.
This is part of the company’s plan to focus on chicken and other proteins as the company ‘creates a modern food company focused on protein’.