Springdale, Ark. – February 14, 2018 – As part of its continued expansion in western Tennessee, a subsidiary of Tyson Foods, Inc. (NYSE: TSN) has signed a definitive agreement to purchase three commercial grain elevators from the Grain Group of The Andersons, Inc. (Nasdaq: ANDE). The elevators are located in Dyer, Humboldt and Kenton, Tennessee and will support Tyson Foods’ existing operations in Union City, Tennessee as well as its planned chicken complex in Humboldt.
“This project will help secure vital inputs for us, and position us to grow and support our customers,” said Doug Ramsey, group president of poultry for Tyson Foods. “We look forward to creating more direct relationships with the grain producers in the area.”
The transaction is expected to close in March, and terms of the agreement are not being disclosed. It is expected that about 20 employees of The Andersons will become employees of Tyson Foods. No disruption to existing contracts with area farmers is expected.
Tyson Foods developed a program called Local Grain Services (LGS) to build relationships with and resources for farmers who provide grain to feed chickens grown for the company. Buying corn, wheat and soybeans directly from local farmers promotes local economies and is part of the company’s strategy to sustainably feed the world with the fastest growing portfolio of protein-packed brands.
The company has developed multiple resources for farmers to sell their grain, including a mobile app and website. Farmers can visit the Tyson LGS website for more information.
About Tyson Foods, Inc.
Tyson Foods Inc. (NYSE: TSN) is one of the world’s largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the company has a broad portfolio of products and brands like Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp® and State Fair®. Tyson Foods innovates continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do. Headquartered in Springdale, Arkansas, the company has 122,000 team members. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it. Visit tysonfoods.com.
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Contact: Worth Sparkman, 479-290-6358