Tyson Foods Inc. is closing four chicken processing plants as it looks to lower costs.
FILE - A Tyson food product is seen in Montpelier, Vt., Nov. 18, 2011. Tyson Foods Inc. on Monday reported a loss of $417 million in its fiscal third quarter. The company said Monday that the plants being closed are located in North Little Rock, Arkansas; Corydon, Indiana; Dexter, Missouri and Noel, Missouri.
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.
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.
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