Tyson Foods (NYSE:TSN) is set to shut its pork packing plant in Perry, Iowa — culling about 1,200 jobs in the process — as the meat packer looks to cut costs amid a slump in the demand for its products.
The plant closure was scheduled to close by the end of June. Tyson, which still employs about 9,000 people in Iowa, said it would encourage employees to apply for other positions within the company.
"While this decision was not easy, it emphasizes our focus to optimize the efficiency of our operations to best serve our customers," said a company spokesperson.
Tyson, which is the largest U.S. meatpacker, has shuttered about nine processing facilities since the start of 2023, in an effort to streamline its operations. Its plant locations in Florida, Arkansas, Columbia, and Indiana were among some that were closed down last year.
In its recent quarterly results in February, the Arkansas-based company posted topline and bottom-line numbers that were ahead of expectations.
"Going forward, we will continue to prioritize our liquidity and financial health, our focus on operational excellence, and our relentless pursuit to win with customers and consumers," the CEO had said.
Looking ahead, Tyson Foods guided for FY24 revenue being relatively flat with FY23 revenue of $52.8B vs. $53.1B consensus and saw full-year capital expenditure spending of $1.0B to $1.5B.
https://www.msn.com/en-us/money/com...S&cvid=e9eebc0f774844b6aae1488b2869357d&ei=23
The plant closure was scheduled to close by the end of June. Tyson, which still employs about 9,000 people in Iowa, said it would encourage employees to apply for other positions within the company.
"While this decision was not easy, it emphasizes our focus to optimize the efficiency of our operations to best serve our customers," said a company spokesperson.
Tyson, which is the largest U.S. meatpacker, has shuttered about nine processing facilities since the start of 2023, in an effort to streamline its operations. Its plant locations in Florida, Arkansas, Columbia, and Indiana were among some that were closed down last year.
In its recent quarterly results in February, the Arkansas-based company posted topline and bottom-line numbers that were ahead of expectations.
"Going forward, we will continue to prioritize our liquidity and financial health, our focus on operational excellence, and our relentless pursuit to win with customers and consumers," the CEO had said.
Looking ahead, Tyson Foods guided for FY24 revenue being relatively flat with FY23 revenue of $52.8B vs. $53.1B consensus and saw full-year capital expenditure spending of $1.0B to $1.5B.
https://www.msn.com/en-us/money/com...S&cvid=e9eebc0f774844b6aae1488b2869357d&ei=23
