Tyson is trying to reposition itself as a protein company, rather than a meat maker under CEO Tom Hayes, who took over the top job in 2016. In its fiscal 2017, the company behind brands like Jimmy Dean launched a venture capital firm focused on sustainably feeding the world’s growing population, which has backed startups like alternative protein company Beyond Meat. It also acquired ready-to-eat sandwich maker AdvancePierre Foods and said it would sell off three of its non-protein businesses. And yet meat is still Tyson’s bread and butter: Record earnings in beef and pork segments helped push profits up 0.3%.
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Why the paranoia about about plant proteins?
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There was a mix-up in their packaging.