Tyson forms chicken joint venture in China
Tyson Foods has said that it plans a partnership with a Chinese poultry breeding company to run a chicken processing plant near Shanghai.
Tyson has announced that it is forming a joint venture with Chinese company Jiangsu Jinghai Poultry Industry Group Co. Ltd., to raise, process and sell chickens in east China under the Tyson brand. Terms of the agreement were not disclosed, but it is reported that Tyson will own 70% of the joint venture.
The companies anticipate that Jiangsu Tyson Foods in Haiman City, near Shanghai, will begin operations in 2009, and expect the plant to produce 400,000 birds each week with plans to increase to 1 mln birds a week.
“Demand for high quality, fresh chicken in China is growing faster than the existing domestic supply,” said Tyson’s president and chief executive Richard Bond. “We intend to help meet this need by becoming the first producer to deliver brand name, high quality fresh chicken to consumers in the eastern China market.”