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National & World Ag News Headlines |
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Tyson Foods Sells its Stake in Alternative Meat Company
USAgNet - 04/25/2019
Tyson Foods sold its stake in Beyond Meat, an alternative protein company, set to go public next week.
Relations between the two companies had become tense, particularly after Tyson CEO, Noel White, announced that the company will be creating its own plant-based protein products last February, multiple sources confirmed to Axios, reports CNBC.
Reportedly, Beyond Meat no longer wanted the Tyson Ventures representative to attend its board meetings, despite his attendance being a contractual right.
A part of the deterioration of the relationship was due to fear of competition between the two companies; Tyson was interested in the alternative protein market especially after seeing its quick-serve and broader restaurant sector potential, Axios reported. The
other concern was that Tyson would interfere with potential mergers or acquisitions, yet the nature of the interference is unclear, the report said.
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