Tyson Foods to close 4 plants as demand slows, prices drop
Arkansas-based Tyson Foods today announced it will close four of its chicken plants as falling demand and prices continue to affect the company.
President and CEO Donnie King called the decision “difficult” to close plants in North Little Rock, Ark., Corydon, Ind. and Dexter and Noel, Mo. The plants will become inoperative in the first half of 2024.
“While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top line growth and margin improvement,” President and CEO Donnie King said.
As Reuters reported, Tyson previously cut corporate jobs and closed other chicken plants this year, as reduced demand for beef and lower prices for pork and protein products presented challenges.
Net quarterly sales fell 3%. The company’s average sales prices fell 16.4% for pork and 5.5% for chicken, but rose for beef by 5.2%.