Tyson Foods expects to profit from hog fever in China, warns it may hit U.S.
- Tyson Foods Inc said on Monday that the U.S. meat processing industry could reap significant financial gains from a global shortfall in pork as an incurable hog disease spreads rapidly across Asia.
The disease, which is fatal to pigs but harmless to humans, has been detected in China, Vietnam, Cambodia, South Africa and parts of Europe. “African swine fever has the potential to impact the global protein industry on a level that we have never experienced,” White said. The disease is already boosting U.S. pork and beef exports and tightening domestic supplies, chicken producer Pilgrim’s Pride Corp said last week.
“The rate in which it has spread over the course of the last 12 months makes it very plausible that it could come to the United States,” White said. The company plans to raise prices for prepared foods over the next six months to compensate for more expensive raw materials, White said. He said higher meat costs will reduce demand among some consumers.
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