Commodities

Tyson Foods says not formalized plans for Kazakh beef processing plant

Credit: REUTERS/© Ross Courtney / Reuters

Tyson Foods Inc said on Thursday it has not formalized plans for a beef processing plant in Kazakhstan, responding to a media report that the largest U.S. meat processor was in talks over a multibillion-dollar investment in the country.

Recasts to add Tyson's response

May 23 (Reuters) - Tyson Foods Inc TSN.N said on Thursday it has not formalized plans for a beef processing plant in Kazakhstan, responding to a media report that the largest U.S. meat processor was in talks over a multibillion-dollar investment in the country.

The investment would allow Tyson to dodge high tariffs on American agricultural goods and give a backdoor access into China, the Financial Times had reported, citing three people familiar with the matter.

"We've visited Kazakhstan and have interest in the nation's future food production efforts, however, we have not formalized plans for a project there," Tyson said.

Tyson had discussed an initial investment of about $200 million in the Kazakh plant that would form part of a potential total investment of several billion dollars, according to the FT report.

(Reporting by Rishika Chatterjee and Bhargav Acharya in Bengaluru; editing by Gopakumar Warrier and Sriraj Kalluvila)

((Rishika.Chatterjee@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 99 7277 8938; Reuters Messaging: rishika.chatterjee.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Renewable Energy

Latest Commodities Videos

    #TradeTalks: Why Nasdaq LBMA OTC Data is a Key Resource For Metals Data

    BNP Paribas Senior Precious Metals Sales Leon Edery joins Jill Malandrino on Nasdaq #TradeTalks to discuss why Nasdaq LBMA OTC Data is a key resource for metals data.

    Jul 22, 2020

    Reuters

    Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

    Learn More