Tyson Foods Inc. is closing four chicken processing plants as it looks to lower costs.
in Arkansas and Virginia in order to better use available capacity at other facilities.
Tyson laid off 15% of its senior leadership and 10% of its corporate workers in April as it faces steep inflation on labor, grain and other inputs. The company also reported its fiscal third-quarter financial results on Monday. Tyson posted a loss of $417 million, or $1.18 per share, for the period ended July 1. A year earlier it earned $750 million, or $2.07 per share.Removing asset impairment charges and restructuring costs, the Springdale, Arkansas-based company earned 15 cents per share. That’s well below the 34 cents per share analysts polled by Zacks Investment Research expected.
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