Tyson cuts 3,200 jobs and closes 3 beef plants

Corporate ActionRegulation
โดย Moneywise.com under the title·US·Read original
Summary · why it matters

Tyson Foods is cutting 3,200 jobs and closing three beef plants as U.S. cattle herds shrink to their lowest level since the 1950s. The company announced last week it was shuttering a plant in Joslin, Illinois, selling a beef facility in Pasco, Washington, and closing another beef production plant in Eagle Pass, Utah, while retrenching its domestic footprint around facilities in Texas, Kansas and Nebraska. Tyson cited USDA cattle data showing supply constraints are likely to persist, requiring strategic action. The Agriculture Department has set up a $500 million lifeline for smaller meatpackers, and the Justice Department launched an antitrust investigation into Tyson, JBS, Cargill and National Beef. A bipartisan bill introduced by Senator Mike Rounds and Senator Amy Klobuchar would create a voluntary program to open up to 20 million new acres for grazing.

Impact on stocks 2

Consumer Staples▼ · 1 stocks
Tyson Foods Inc
TSN
▼ NegativeSupplyrelevance

Tyson closes three beef plants and cuts 3,200 jobs due to shrinking cattle herds, reducing its capacity and operations.

Cloud & Digital Infrastructure▲ · 1 stocks

Off-coverage companies 2

Cargill, IncorporatedPrivate▼ Negative
Regulationrelevance

Cargill is named in the Justice Department antitrust investigation into major meatpackers.

National Beef Packing Company, LLCPrivate▼ Negative
Regulationrelevance

National Beef is named in the Justice Department antitrust investigation into major meatpackers.

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