News
US meat sector job cuts to almost 2000 in three days 25 Jan 2010
In the second shutdown notice by a major US meat company in three days, Tyson Foods said it is going to cut part production of a canning plant.
Tyson said by mid-March, it would move some production capacity at a factory in Council Bluffs, Iowa to sites in Tennessee and Texas.
The shuffle is Tyson's first major strategic move under new Chief Executive Donnie Smith.
The move, which will axe almost 500 jobs, follows Smithfield Foods' recent announcement that as of April, it was closing a hog processing plant, also in Iowa. The job loses takes the total jobs lost in less than a week in the US meat sector to 1,930.
However, like Smithfield Foods' cut, Tyson's move was cautiously welcomed by investors.
BB&T Capital Markets upgraded Tyson to "buy" from "hold", noting Tyson's reassurance of growing demand for canned products in the US south east, which is more easily met from Tennessee and Texas.
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