Tyson Taps at Four Chicken Plants
Tyson Foods Monday announced the planned closure of four chicken processing facilities in the United States. Those plants are located in North Little Rock, Arkansas, Corydon, Indiana, Dexter, Missouri and Noel, Missouri.
The reason? According to the company, the decision comes as the average price of pork dropped 16.4% year-over-year and chicken fell 5.5%
Donnie King, Tyson Foods President and CEO, says, "While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top-line growth and margin improvement."
Tyson made the announcement as part of its third-quarter fiscal year 2023 results. The company reported a 7.5 percent, or $324 million, operating loss on chicken operations, and a 5.6 percent loss in pork.
This is the latest in a series of strategic moves for the company. The Associated Press reports that 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.