Aug 18, 2023 - Economy

Tyson reportedly seeks buyer for Chinese chicken biz

Dan Primack

Illustration of a chicken with dollar signs for eyes. — Illustration: Rebecca Zisser/Axios

Tyson Foods is seeking a buyer for its Chinese poultry business, according to Reuters.

Why it matters: This may reflect increased worry over China's economic slowdown, although a better bet is that it's about China's decreased meat consumption and rising feed costs.

Arkansas-based Tyson also is having some domestic challenges, missing on quarterly earnings and announcing the closure of four U.S. facilities.

Details: Tyson launched Chinese operations in 2001. It generates around $1.1 billion in annual sales.

Goldman Sachs reportedly is managing the sale process.

The bottom line: Tyson would be the second multinational to bail on poultry producing in the country, after Cargill sold its business to DCP Capital in May.

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Tyson reportedly seeks buyer for Chinese chicken biz

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