Tyson Foods projected higher meat costs ahead, as the company seeks to pass along elevated prices for animal feed, increased wages and ongoing pandemic expenses to restaurants and supermarkets
Tyson Foods Inc. projected higher meat costs ahead, as the meat companyfor animal feed, increased wages and ongoing pandemic expenses to restaurants and supermarkets.
“We’ve seen unprecedented and accelerating inflation and we’re trying to catch up with that,” said Tyson Chief Executive Donnie King, on a conference call with reporters.breasts and wings is at times outstripping supplies, industry executives have said. Fast-food chains have been battling to launch new chicken sandwiches, while chicken wings have played a leading role in to-go restaurant sales.
Tyson and other U.S. meat suppliers including JBS USA Holdings Inc., Sanderson Farms Inc. and Cargill Inc. are under pressure to fill escalating orders from restaurants, which are reopening pandemic-closed dining rooms. Consumers, meanwhile, continue to spend heavily at grocery chains, executives said. Sanderson said Monday it will sell itself to Cargill and agricultural investment firm Continental Grain Co.
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