Tyson Foods Inc. says it's closing down four chicken processing plants as the company looks to cut costs amid declining sales.
Tyson announced Monday that the plants being closed are located in North Little Rock, Arkansas; Corydon, Indiana; Dexter, Missouri; and Noel, Missouri. The company said it will halt operations at the four plants in the first two fiscal quarters of 2024 and shift production to other facilities.
"While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top line growth and margin improvement," said Donnie King, president and CEO of Tyson Foods. "I’m encouraged by the improvements we made this quarter, including our Tyson Core Business lines that continue to outpace our peers in volume growth."
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Tyson also announced its fiscal third-quarter financial results, reporting a $417 million loss for the period that ended July 1, equating to $1.18 per share. Sales also fell 3% to $13.14 billion.
"The difficult decision to close four chicken facilities...demonstrates our commitment to bold action and operational excellence as we drive performance, including lower costs and improving capacity utilization, and build on our strategy of making Tyson Foods stronger in the long-term," King added.
Tyson announced plans in March to close down two poultry facilities in Glen Allen, Virginia; and Van Buren, Arkansas. A month later, the company laid off 15% of its senior leadership and 10% of its corporate workers.
Tyson is a multinational corporation and one of the world's largest producers of processed meats. Its brands include Jimmy Dean, Hillshire Farm, Ball Park, Wright, Aidells, ibp and State Fair.
Shares of the company were down about 8% before markets opened Monday.
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