Restructuring costs Tyson $200m
THE largest producer worldwide of chicken and poultry-based products will take a $200 million (£120m) charge as it attempts to restructure its production facilities.
Arkansas-based Tyson is expected to close some of its plants and reduce its workforce. It also intends to dispose of some non-core businesses and concentrate on its primary chicken production.
The company would still be expanding in China and the Philippines.
Tyson announcement came as it reported after-tax profits of $46.6m in the three months to June 27, against $45.2m made in the same period last time. Sales increased from $1.59bn to $1.95bn in the third quarter, largely because of the acquisition of Hudson Foods.
- Financial Times 28/07/98 page 28