Tyson Foods closing 4 chicken processing plants in cost-cutting move

[mystery-ak]

By MICHELLE CHAPMAN, AP Business Writer

SPRINGDALE, Ark. —

Tyson Foods Inc. is closing four chicken processing plants as it looks to lower costs.

The company said Monday that the plants being closed are located in North Little Rock, Arkansas; Corydon, Indiana; Dexter, Missouri and Noel, Missouri.

Tyson said that it will shift production to other facilities and halt operations at the four plants in the first two quarters of fiscal 2024. The company currently estimates having $300 million to $400 million in total charges, based on a preliminary analysis.

Tyson launched a plan in fiscal 2022 where it targeted $1 billion in productivity savings by the end of fiscal 2024. The company said that it realized more than $700 million of savings in fiscal 2022, which partially offset the impacts of inflationary market conditions. Tyson topped its $1 billion target in the second quarter of fiscal 2023, more than a year ahead of its plan.

In May Tyson posted a surprise loss in its second quarter and cut its sales forecast due to the cost of plant closures and layoffs.

Tyson has been trying to cut costs over the past several months. It closed its corporate offices in Chicago and South Dakota late last year and consolidated its workforce in Arkansas. In March it announced the closure of two plants in Arkansas and Virginia in order to better use available capacity at other facilities.

Tyson laid off 15% of its senior leadership and 10% of its corporate workers in April as it faces steep inflation on labor, grain and other inputs.

more
https://www.4029tv.com/article/tyson-closing-arkansas-missouri-indiana/44751117#

[Idiot]

By MICHELLE CHAPMAN, AP Business Writer

SPRINGDALE, Ark. —

Tyson Foods Inc. is closing four chicken processing plants as it looks to lower costs.

The company said Monday that the plants being closed are located in North Little Rock, Arkansas; Corydon, Indiana; Dexter, Missouri and Noel, Missouri.

Tyson said that it will shift production to other facilities and halt operations at the four plants in the first two quarters of fiscal 2024. The company currently estimates having $300 million to $400 million in total charges, based on a preliminary analysis.

Tyson launched a plan in fiscal 2022 where it targeted $1 billion in productivity savings by the end of fiscal 2024. The company said that it realized more than $700 million of savings in fiscal 2022, which partially offset the impacts of inflationary market conditions. Tyson topped its $1 billion target in the second quarter of fiscal 2023, more than a year ahead of its plan.

In May Tyson posted a surprise loss in its second quarter and cut its sales forecast due to the cost of plant closures and layoffs.

Tyson has been trying to cut costs over the past several months. It closed its corporate offices in Chicago and South Dakota late last year and consolidated its workforce in Arkansas. In March it announced the closure of two plants in Arkansas and Virginia in order to better use available capacity at other facilities.

Tyson laid off 15% of its senior leadership and 10% of its corporate workers in April as it faces steep inflation on labor, grain and other inputs.

more
https://www.4029tv.com/article/tyson-closing-arkansas-missouri-indiana/44751117#

There goes the price of chicken AGAIN.

[libertybele]

There goes the price of chicken AGAIN.

Not only boosting the price, but empty shelves.  I don't buy Tyson products, but it will have a negative affect on supply.

[GtHawk]

Not only boosting the price, but empty shelves.  I don't buy Tyson products, but it will have a negative affect on supply.

Kind of goes against the democrat lie on jobs and the economy too! I sure hope all those ex employees were working hard on their programming skills

[sneakypete]

They are going to end up transferring production to China,just like Smithfield did.

This seems to ME to be the excuse they need to justify the transfer.

This seems to be a trend,and if it isn't stopped,America will go bankrupt.

I THINK GM was the first US corporation to transfer manufacturing to China,when they moved automatic transmission manufacturing there. This was MAYBE 5-10 years ago.

I have no idea what,if anything else,they have transferred there since then.

Or if Ford and Chrysler have followed suit or not.

[GtHawk]

They are going to end up transferring production to China,just like Smithfield did.

This seems to ME to be the excuse they need to justify the transfer.

This seems to be a trend,and if it isn't stopped,America will go bankrupt.

I THINK GM was the first US corporation to transfer manufacturing to China,when they moved automatic transmission manufacturing there. This was MAYBE 5-10 years ago.

I have no idea what,if anything else,they have transferred there since then.

Or if Ford and Chrysler have followed suit or not.

Depends on what level of manufacturing you are talking about. My brother was the production manager for Hunter sprinklers, I want to say at least 25 years ago, and they had all their sprinkler heads and parts being manufactured in China back then. I know that he got to the point he never wanted to see Peking Duck ever again because of all the business dinners on the trips he made each year.

[sneakypete]

Depends on what level of manufacturing you are talking about. My brother was the production manager for Hunter sprinklers, I want to say at least 25 years ago, and they had all their sprinkler heads and parts being manufactured in China back then. I know that he got to the point he never wanted to see Peking Duck ever again because of all the business dinners on the trips he made each year.

@GtHawk

I am opposed to ANY contact with the Chi-Coms that doesn't involve killing them.

Death is the only thing that will stop  them.

[mountaineer]

No big deal. We can eat bugs, right?

[Wingnut]

Move the plants to Mexico.