US food company Tyson is to take a $43 million (£26m) charge in the fourth quarter of its 1997-98 financial year to cover the restructuring of its poultry operations.
Tyson is the worlds biggest producer of chicken and chicken-based products. It will also take a further $53m charge to cover risks related to its export business to Asia and Russia.
The company has already closed two poultry plants. It also intends to close feedmills, an office facility and some farms.
The measures are expected to boost cash flow by up to $15m annually.
- Financial Times 01/09/98 page 25