Tyson Foods Inc. (TSN:US), the largest U.S. meat processor, is cutting capital expenditures and stock buybacks partly to keep “a lot of dry powder around for an opportunistic acquisition,” Chief Executive Officer Donnie Smith said.
“The parts of our business where we want to accelerate growth is value-added poultry, our prepared foods business and our international businesses,” Smith said in a conference call with reporters today to discuss the Springdale, Arkansas-based company’s third-quarter earnings. “Those would be the three areas where we would likely be pursuing acquisitions.”
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