Tyson: Ready for effects of Amazon buy

Posted: November 3, 2017 at 1:59 a.m.

The president of Tyson Foods, Inc. said Wednesday that the company is ready for the effects of Amazon's purchase of the Whole Foods grocery store chain.

"The whole space is being disrupted," Tom Hayes told Jim Cramer, host of CNBC's Mad Money.

In August, Amazon said it would lower prices at Whole Foods by as much as 43 percent, leading to a surge in the retailer's foot traffic, according to market data.

Growing consumer demand for sustainably sourced food and more transparency across food industries has led to Tyson adopting more sustainable practices throughout the company.

An estimated 9.8 billion people will be on the planet by 2050, according to United Nations reports.

"Big food has to get in the ballgame," Hayes told Cramer.

Part of Tyson's strategy is expanding its production scale and continuing to develop meal kits, protein snacks, and quick breakfast options such as Jimmy Dean Scrambles, Hayes said.

-- Nathan Owens

Business on 11/03/2017