Currently, the largest US meat company, Tyson Foods may still decide to remain in China, the sources confirmed as deliberations are still in their early stages. Earlier reports suggested that the US foods giant had been in talks with investment manager Goldman Sachs Group Inc over taking on an advisory role as Tyson Foods looks to sell its poultry business.

Having opened its first factory in China in 2001, Tyson Foods’ operations in China include span breeding, slaughtering, processing, and distribution of chicken, beef, and pork products. Should Tyson Foods decide to depart from the Chinese market, it would follow in the footsteps of fellow US food corporation Cargill Inc., which decided to sell its poultry operations in China to private equity firm DCP Capital.

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Tyson reported disappointing numbers for 2022, recording a $0.968 billion in gross profit, which represented a 51.96 percent decline year-over-year. Its chicken division particularly struggled for years, and the company is now trying to improve its operation.

“The current scale and inability to economically improve operations have led to the difficult decision to close the facilities,” Tyson’s spokesperson said in a statement provided to the media.

The company said it intends to shift the production from Van Buren and Glen Allen facilities to other locations in order to use the capacity of its other plants in full. The decision is expected to result in around 1,700 workers being laid off, although Tyson said it would offer the employees that lost their job an opportunity to apply to positions in other facilities.

After the news came out, Tyson Food stock (TSN) saw a slight movement in after-hours trading, jumping by 0.51 percent and trading for $57.59 per share. The company’s shares are currently down almost 10 percent year to date and have lost more than 33 percent of their value in the last year.

The post Tyson Food to Close Two Chicken Plants Amid Profit Drops appeared first on theprimarymarket.com.

Currently, the largest US meat company, Tyson Foods may still decide to remain in China, the sources confirmed as deliberations are still in their early stages. Earlier reports suggested that the US foods giant had been in talks with investment manager Goldman Sachs Group Inc over taking on an advisory role as Tyson Foods looks to sell its poultry business.

Having opened its first factory in China in 2001, Tyson Foods’ operations in China include span breeding, slaughtering, processing, and distribution of chicken, beef, and pork products. Should Tyson Foods decide to depart from the Chinese market, it would follow in the footsteps of fellow US food corporation Cargill Inc., which decided to sell its poultry operations in China to private equity firm DCP Capital.

The post Tyson Foods Weighing Sale Of China Business appeared first on theprimarymarket.com.

Tyson reported disappointing numbers for 2022, recording a $0.968 billion in gross profit, which represented a 51.96 percent decline year-over-year. Its chicken division particularly struggled for years, and the company is now trying to improve its operation.

“The current scale and inability to economically improve operations have led to the difficult decision to close the facilities,” Tyson’s spokesperson said in a statement provided to the media.

The company said it intends to shift the production from Van Buren and Glen Allen facilities to other locations in order to use the capacity of its other plants in full. The decision is expected to result in around 1,700 workers being laid off, although Tyson said it would offer the employees that lost their job an opportunity to apply to positions in other facilities.

After the news came out, Tyson Food stock (TSN) saw a slight movement in after-hours trading, jumping by 0.51 percent and trading for $57.59 per share. The company’s shares are currently down almost 10 percent year to date and have lost more than 33 percent of their value in the last year.

The post Tyson Food to Close Two Chicken Plants Amid Profit Drops appeared first on theprimarymarket.com.