Protein powerhouse Keystone Foods is a leading provider of poultry, beef, fish, and pork to QSRs (quick-service restaurants), retail outlets, and food service providers. It processes some 2 billion pounds of poultry into chicken nuggets, tenders, and wings for customers such as McDonald's; in addition, the company supplies hamburger patties, sausage and pork patties, and fish filets. Keystone Foods operates primarily in the US and the Asia-Pacific region, with the US market accounting for most of its sales. The company, which began as a beef-boning business in the 1960s, was acquired by US chicken giant Tyson Foods in late 2018.
Change in Company Type
Former Keystone parent, Latin American beef producer Marfrig Alimentos, had been exploring ways to cash in on the strength of its subsidiary for several years. In 2017 it began the process of taking Keystone public, but that never came to fruition. In late 2018 Marfrig sold Keystone to US chicken giant Tyson Foods for $2.16 billion. The deal strengthens Marfrig's capital structure and focus on beef and gives Tyson a strong foundation for international growth.
Pennsylvania-based Keystone Foods has about 25 facilities in the US (Alabama, Georgia, Kentucky, North Carolina, Pennsylvania, and Wisconsin), as well as China, South Korea, Malaysia, Thailand, and Australia.
The US accounts for nearly 70% of total revenue with the Asia-Pacific region bringing in most of the rest.
Keystone in 2017 reported revenue of $2.8 billion, up about 3% from the prior year. The results were powered by the Asia-Pacific region, including growth in the foodservice channels in China, Thailand, and Malaysia.
The Asian market has been driving Keystone's growth the past several years and is a major focus for the company. In late 2017 the company opened a new plant in Thailand, which expanded production capacity in the Asia region by 10%. It also invested in its Malaysian operations to expand production there.
Keystone was founded in the early 1960s as a family-owned beef-boning business. The company went public in the 1970s and expanded into new product and geographic markets over the next few decades. In 2010 it was acquired by Marfrig in Brazil. In late 2018 Marfrig sold Keystone to US chicken giant Tyson Foods.
905 AIRPORT RD STE 400
West Chester, PA 19380-5984
Phone: 1 (610) 667-6700
Employer Type: Privately Owned
CFO: Eduardo Miron
President and CEO: Frank Ravndal
President, Keyston APMEA: Richard Wong
Employees (This Location): 80
Employees (All Locations): 11,000
West Chester, PA
North Baltimore, OH