By Kaushal S.
In a major turn of events, Tyson Foods Inc. announced that it will be shutting four more plants in an attempt to cut costs. Though the establishment made major profits with the increase in meat prices during the COVID-19 pandemic, it is now facing major financial issues due to the decline in price and the decreasing demand for several items.
As per the establishment, the four chicken plants that employ more than 3,000 workers in Missouri, Indiana, and Arkansas will be shutting down either by the end of 2023 or at the beginning of 2024.
Though the establishment did not confirm the number of workers that may be affected by the closure, it was hinted that the establishment will either encourage them to apply for other positions at the establishment or relocate them to other nearby locations. The closure is also said to affect several farmers who used to supply chicken to the facility and grain growers who cultivated chicken feed.
Donnie King, the CEO of Tyson Foods Inc. shared a statement about the situation and said:
“We are seeing a few more tailwinds in parts of our businesses. In terms of what we’re doing about all of this, our vision is delivering sustainable top-line growth and margin improvement over the long run. That’s our plan. That’s been our plan.”
As per the Economic Times, announcing the news of the closures, the CFO of the establishment said:
“These moves are difficult certainly. For the long term of Tyson, this is a move that should allow us to be better, more efficient, and serve our customers better.”
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