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Tyson Foods Monday announced the planned closure of four chicken processing facilities in the U.S. They will close facilities in North Little Rock, Arkansas, Corydon, Indiana, Dexter, Missouri and Noel, Missouri. The company will shift production to other facilities and cease operations at the impacted locations in the first half of fiscal year 2024.
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.
Tyson Foods will evaluate the financial statement impact of the closures for charges related to contract terminations, impairments, accelerated depreciation, severance and retention and estimates total charges of $300 to $400 million.
(From the National Association of Farm Broadcasters)