SPRINGDALE, Ark., Dec. 09, 2019 (GLOBE NEWSWIRE) -- Tyson Fresh Meats, Inc., the beef and pork subsidiary of Tyson Foods, Inc. (NYSE: TSN), today signed an agreement with the Republic of Kazakhstan and private holding company Kusto Group to collaborate on a project that, in its initial phase could lead to the construction of a modern beef processing plant in Kazakhstan, with an anticipated harvest capacity of 2,000 head per day. As presently conceived, the investment is projected to help provide an annual agricultural economic benefit to the country well in excess of one billion dollars (USD).
Kazakhstan is the ninth largest country in the world by geographic area and has identified the livestock and the multi-protein export industry as a key growth market. The country has an established beef industry which serves the domestic population with exports to the region. The agreement with Tyson and Kusto Group is part of a broader initiative by the Kazakhstan government to expand and modernize agriculture, beginning with meat production.
Tyson Foods officials have traveled to Kazakhstan, and the Prime Minister of the Republic of Kazakhstan, Askar Mamin, and representatives from the country have been to the U.S. to visit Tyson headquarters, including one of the company’s major beef complexes. Kusto Group, based in Singapore, but founded in Kazakhstan, has an existing subsidiary with a leading position in beef production in the country.
“We are delighted to welcome Tyson Foods to Kazakhstan,” stated Prime Minister Mamin. “Tyson is a world-class company with the expertise necessary to help Kazakhstan jump-start the transformation of our agro-protein capabilities and help us create an ecosystem that will increase our beef herd size and establish conditions to support thousands of new high-quality jobs in the country. We look forward to a long and mutually beneficial collaboration.”
“We’re pleased to execute an agreement with the Government of Kazakhstan and partner with Kusto,” stated Steve Stouffer, group president Tyson Fresh Meats. “This opportunity supports one of our growth strategies to expand Tyson’s global business, and we look forward to bringing our expertise and capabilities to the country of Kazakhstan.”
“At Kusto, we believe in the tremendous potential of Kazakhstan to transform into a global agricultural player, helping provide first class products for consumers around the world,” stated Yerkin Tatishev, chairman of the board of directors, Kusto Group. “Together with Tyson Foods, we are taking a first step in that direction today with our beef operations and look forward to getting underway.”
Taking into account the advantages of jurisdiction in Astana International Financial Centre, the parties express interest in implementing the project at the AIFC.
Tyson Fresh Meats, based in Dakota Dunes, S.D., currently operates beef plants in Nebraska, Illinois, Iowa, Kansas, Texas and Washington. The company’s beef business generated $15.8 billion in sales in fiscal year 2019.
About Tyson Foods
Tyson Foods, Inc. (NYSE: TSN) is one of the world’s largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the company has a broad portfolio of products and brands like Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp®, and State Fair®. Tyson Foods innovates continually to make protein more sustainable, tailor food for everywhere it’s available and raise the world’s expectations for how much good food can do. Headquartered in Springdale, Arkansas, the company has 141,000 team members. Through its Core Values, Tyson Foods strives to operate with integrity, create value for its shareholders, customers, communities and team members and serve as a steward of the animals, land and environment entrusted to it.
About Kusto Group
Kusto Group Pte. Ltd. (www.kustogroup.com) is a diversified international holding company, headquartered in Singapore with roots in Kazakhstan. Today, Kusto is successfully operating in the oil and gas, mining, construction, real estate development, construction materials and agricultural sectors in more than 10 countries across 4 continents. The success of Kusto is the result of a strong corporate culture that values courage, collaboration, partnering with local champions and a focus on sustainable and ethical development.
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