{"id":1993141,"date":"2023-08-07T13:32:13","date_gmt":"2023-08-07T17:32:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tyson-closing-multiple-chicken-processing-plants-scrambling-to-downsize-as-costs-soar\/"},"modified":"2023-08-07T13:35:21","modified_gmt":"2023-08-07T17:35:21","slug":"tyson-closing-multiple-chicken-processing-plants-scrambling-to-downsize-as-costs-soar","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tyson-closing-multiple-chicken-processing-plants-scrambling-to-downsize-as-costs-soar\/","title":{"rendered":"Tyson shuts down chicken plants, scrambles to cut costs amid rising expenses."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftyson-closing-multiple-chicken-processing-plants-scrambling-to-downsize-as-costs-soar%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1993141&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Tyson Foods Inc.\u2064 to Close Four Chicken Processing Plants<\/h2>\n<p>Tyson Foods Inc. is\u2062 taking \u200dsteps to lower costs by closing four chicken\u2062 processing plants. The plants being closed are\u200d located in North Little Rock, Arkansas; Corydon, \u200dIndiana; \u2062Dexter, Missouri; and Noel, Missouri.<\/p>\n<p>Tyson plans to shift \u200cproduction to other facilities and halt operations at the four plants in the\u2063 first two quarters of fiscal 2024. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/tyson-closing-multiple-chicken-processing-plants-scrambling-to-downsize-as-costs-soar\/\" title=\"Tyson shuts down chicken plants, scrambles to cut costs amid rising expenses.\">company estimates total charges<\/a> of $300 million to $400 million based on a preliminary\u200b analysis.<\/p>\n<p>In fiscal 2022, \u2063Tyson launched a plan to achieve $1 \u2064billion in productivity savings by the end of fiscal \u200b2024. The company exceeded \u200cexpectations by realizing over\u2064 $700 million in savings \u2062in fiscal\u200b 2022, partially offsetting the impacts of inflationary market conditions. Tyson surpassed its\u200c $1 \u200bbillion target in the second quarter of fiscal 2023, more than \u200da year ahead\u200c of schedule.<\/p>\n<p>In May, Tyson posted a surprise loss\u200c in its second quarter and reduced its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/home-depot-cuts-annual-sales-forecast-on-slowing-demand\/\" title=\"Home Depot lowers sales forecast due to weaker demand.\">sales forecast due<\/a>\u2064 to the costs associated with plant closures and layoffs.<\/p>\n<p>Over \u200dthe \u200dpast \u200dseveral months, Tyson has been actively cutting costs.\u200d It closed its corporate offices in Chicago and South Dakota\u2062 last year and consolidated\u200d its workforce in Arkansas. In March,\u200d the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/super-bowl-posts-worst-ratings-since-2007-despite-homebound-audience\/\" title=\"Super Bowl Posts Worst Ratings Since 2007 Despite Homebound Audience\">company announced<\/a>\u2064 the closure of two plants in\u200b Arkansas and Virginia to optimize available capacity at other facilities.<\/p>\n<p>As it faces steep inflation on labor, grain, and other inputs, Tyson laid off 15 percent of its senior leadership and 10 percent of its corporate workers\u200d in April.<\/p>\n<h3>Fiscal Third-Quarter Financial Results<\/h3>\n<p>Tyson also reported its fiscal third-quarter \u2063financial results. The <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/colonial-pipeline-looks-for-a-cyber-security-manager-following-ransomware-attack\/\" title=\"Colonial Pipeline Looks For A Cyber Security Manager Following Ransomware Attack\">company posted<\/a> a loss of $417 million, or $1.18 per share, for the period ended July \u200d1. \u2062This is a significant decrease from the $750 million, or $2.07 per share, it earned in the same period a year earlier.<\/p>\n<p>The current quarter included a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/credit-suisse-lost-68-billion-in-assets-last-quarter-outflows-continue\/\" title=\"Uh-oh! Credit Suisse just took a major hit, losing a whopping  billion in assets last quarter. And the bad news doesn't stop there - outflows are still happening. Yikes!\">goodwill impairment charge<\/a> of $448 \u2062million.<\/p>\n<p>Excluding \u2063asset impairment charges\u2062 and restructuring costs,\u2062 Tyson earned 15 cents per \u2062share. \u200cThis falls short\u2063 of\u200c the 34 \u200bcents per \u200cshare expected by analysts polled\u200d by Zacks Investment Research.<\/p>\n<p>Revenue for \u200cthe quarter \u200ctotaled $13.14 billion, down from $13.5 billion in the previous year.<\/p>\n<p>Tyson still expects\u2062 fiscal 2023 revenue in the range of $53 billion to $54 billion, while analysts surveyed by FactSet anticipate revenue of $53.74 billion.<\/p>\n<p>Shares of Tyson dropped 8 percent before the \u2063market opened.<\/p>\n<p style=\"font-style: italic\">The \u200bWestern Journal has \u200dreviewed this \u2064Associated \u2063Press story and may have \u200baltered \u2063it prior to publication to ensure that \u200cit meets \u2062our editorial standards.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/ap-tyson-closing-multiple-chicken-processing-plants-scrambling-downsize-costs-soar\/\">Tyson Closing\u2062 Multiple Chicken \u2063Processing Plants, Scrambling to Downsize as Costs\u200d Soar<\/a> appeared \u200dfirst on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tyson Foods Inc. is shutting down four chicken processing plants to cut expenses. The closed facilities are in North Little Rock, Arkansas; Corydon, Indiana; Dexter, and Noel, Missouri. Production will be transferred to other sites, while operations at the four plants will be halted.<\/p>\n","protected":false},"author":136,"featured_media":1993142,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-1993141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1993141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1993141"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1993141\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1993142"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1993141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1993141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1993141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}