Tyson Foods will lay off 1,700 employees, close plants in AR, VA

KARAH RUCKER: TYSON FOODS HAS ANNOUNCED PLANS TO LAY OFF NEARLY 17 HUNDRED EMPLOYEES. TYSON WILL BE CLOSING TWO CHICKEN PLANTS IN MAY – ONE IN ARKANSAS AND ONE IN VIRGINIA.

IN A STATEMENT – TYSON SAID IT WILL BE CLOSING DOWN THE FACILITIES AND FOCUSING ON OPTIMIZING OPERATIONS – BY UTILIZING FULL CAPACITY AT EXISTING PLANTS.

TYSON UNDERPERFORMED EXPECTATIONS LAST QUARTER – ITS OPERATING INCOME CUT IN HALF COMPARED TO ONE YEAR AGO.

IT’S THE LATEST COMPANY TO DOWNSIZE TO SAVE COSTS. IN RECENT MONTHS –

PEPSI CUT JOBS. BEYOND MEAT AND IMPOSSIBLE FOODS CUT MORE THAN A FIFTH OF ITS WORKFORCES. SPICE GIANT MCCORMICK AND COCA-COLA ARE OFFERING BUYOUTS TO ITS EMPLOYEES IN AN EFFORT TO SAVE AT A TIME OF ECONOMIC UNCERTAINTY.