The reductions significantly exceed the $110 million goal set by new chief executive officer Richard Bond.
"We've taken an aggressive look at all aspects of our business and also reviewed suggestions from our Team Members on ways we can more effectively manage our business," says Bond. "The result is a plan expected to generate significant savings for the company, principally in fiscal 2007."
The company will generate savings from reductions in such things as staffing, recruiting, relocation, consulting fees, sales related expenses and supplies, as well as travel. Virtually all of the savings measures should be in place by the end of the calendar year.
Tyson, which employs 114,000 people worldwide, currently plans to eliminate approximately 420 positions primarily held by Tyson management and management support Team Members. In addition, another 430 jobs that are currently open won’t be filled and will be eliminated.
Jobs being eliminated include approximately 140 positions currently held by Tyson Team Members in northwest
Bond notes the company's existing long-term strategies provide the company with a focused long-term perspective for the future. They include creating more value-added products, improving operational efficiencies and expanding its international business.