- Tyson Foods (TSN) confirmed Tuesday it is laying off over one thousand employees while closing two separate facilities
- The Arkansas-based multinational food company is laying off around 1,400 in the United States
- It is also closing two chicken plants in May, one in Virginia and another in Arkansas
- Quarterly earnings saw its chicken business underperform
- Tyson Foods (TSN) closed up by 0.16 per cent trading at US$57.30
Tyson Foods (TSN) confirmed Tuesday it is laying off over one thousand employees while closing two separate facilities.
The Arkansas-based multinational food company is laying off around 1,400 in the United States. This will take effect in May, the union representing around 700 of the workers confirmed in a statement.
Tyson is closing two chicken plants in May, one in Glen Allen, Virginia and another in Van Buren, Arkansas. The company’s latest quarterly earnings showed its chicken business underperform.
Tyson will shift those operations to its existing facilities elsewhere in the country.
The layoffs and closures are expected to save the company around $75 million this year as it looks to cut costs.
Tyson is the largest chicken producer in the United States. The company said neither plant was operating at full capacity.
The company reported a record $53 billion in sales in the 2022 fiscal year.
“Regrettably, the company provided our union with no advanced notice with which to prepare our members for this news. To make matters worse, Tyson Foods has received untold sums of taxpayer dollars to open a new facility in Pittsylvania County after promising to provide 400 jobs,” United Food and Commercial Workers Local 400 Union President Mark Federici said in a statement.
“But with at least 700 jobs eliminated by the closure of the Glen Allen plant, Tyson Foods will continue to reap the lavish benefits of taxpayer dollars while Virginia will have 300 fewer jobs. What a disgraceful waste,” he added.
The company employs around 137,000 workers across its operations in the United States.
Tyson Foods (TSN) closed up by 0.16 per cent trading at US$57.30.