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Tyson Foods is shutting down two of its chicken plants, and a layoff of workers is expected to follow. The Arkansas-headquartered food processing company will close the factories on May 12, and about 1,700 are affected by this move.
Tyson Foods revealed this plan after releasing its latest quarter financial results. The company did not meet expectations, as its income was only half of what it earned last year.
It said that it would stop operations in its Glen Allen, Virginia and Van Buren, Arkansas, plants. As these facilities are closing, the company will distribute the workload to its other factories.
"While the decision was not easy, it reflects our broader strategy to strengthen our poultry business by optimizing operations and utilizing full available capacity at each plant," Tyson Foods told CNBC in a statement.
All of the 692 employees at the Glen Allen plant and 969 workers in Van Buren are affected and set to be dismissed. For this, Tyson Foods said it would help them apply for jobs in its other plants and offer relocation assistance as well.
In any case, Tyson Foods made the decision to close the two plants and lay off some workers in an effort to cut costs. Moreover, Reuters reported that another reason is the fact that the meat alternative manufacturer is still trying to decipher how to improve its chicken business which has been struggling for years already.
"The current scale and inability to economically improve operations have led to the difficult decision to close the facilities," the company explained.
Meanwhile, Tyson Foods is just one of the major companies in the U.S. that were forced to close some facilities and terminate workers due to various reasons, including the high inflation that continues to affect both businesses and households.
