On the heels of what has been touted as a very successful financial quarter, Tyson Foods has announced its plans to permanently close its plant in Jefferson, WI, eliminating 248 positions.
According to a report from the Wisconsin State Journal, Tyson will initiate a series of workforce reductions up until the final closing date of July 9. The company revealed that both salaried and hourly positions will be affected.
Tyson Foods recently announced its Q2 2016 financial report, performing so well that the company raised adjusted earnings guidance for fiscal 2016 to $4.20-4.30 per share.
“Our business continues to perform very well, delivering record second quarter operating income and return on sales, in what is typically the most challenging quarter of our fiscal year,” Donnie Smith, President and Chief Executive Officer of Tyson Foods, explained in a release regarding the company’s most recent fiscal quarter. “We’re in a great position, and we’re generating momentum that will take us into 2017 and beyond.”
Just last month, Tyson announced plans to open an approximately $136 million, 200,000-sq-ft plant in Green Forest, AR. This facility would create about 85 more jobs, reportedly.
Tyson said the decision is based on a combination of changing product needs, the news source reported, as well as the upkeep and renovation costs of the aging plant.
As Tyson continues to develop and streamline its business, DeliMarket News will serve you up the latest.