CORYDON, Ind. — Tyson Foods is shutting down one of its chicken processing plants in southern Indiana in an effort to cut company costs.
Donnie King, president and CEO, of Tyson Foods, announced the closure of the Corydon, Indiana facility in a press release on the company's Q3 2023 earnings.
The company has reportedly lost $350 million in operating income compared to 2022. According to the report, sales have also been down 13% in the last year.
“While current market dynamics remain challenging, Tyson Foods is fully committed to our vision of delivering sustainable, top line growth and margin improvement,” King said. “I’m encouraged by the improvements we made this quarter, including our Tyson Core Business lines that continue to outpace our peers in volume growth.”
Along with the Corydon plant closure, three other facilities were also closed in North Little Rock, Arkansas; Dexter, Missouri; and Noel, Missouri.
The closures are expected to "reduce costs and improve capacity utilization." In turn, the company plans to shift production to other facilities.
King said the cost-cutting move was a difficult decision that "demonstrates our commitment to bold action and operational excellence as we drive performance, including lower costs and improving capacity utilization, and build on our strategy of making Tyson Foods stronger in the long-term.”
Operations will stop at the four plants in the first two quarters of Fiscal Year 2024.