Tyson Foods has announced it plans to create a venture fund aimed at developing innovations in food production.
The meat company based in Arkansas, U.S, said it plans to make US$150 million available for Tyson New Ventures to complement Tyson’s continued investment in fresh meat, poultry and prepared foods.
In line with Tyson’s strategy to develop its share in the alternative proteins’ segment, the venture fund’s first investment concerns acquiring a 5% stake in Beyond Meat, a California-based company that makes plant-based protein.
“This fund is about broadening our exposure to innovative, new forms of protein and ways of producing food, while remaining focused on our core fresh meats, poultry and prepared foods businesses, which are also experiencing tremendous consumer demand and growth,” said Monica McGurk, Executive Vice-President of Strategy and New Ventures, Tyson.
Source: Storm Lake Pilot Tribune