Tyson Foods has announced that the company’s Pork Group will sell five hog farms, according to The Morning News. The farms are located in Arkansas and Missouri. The company’s Oklahoma farms were not affected.
The move will result in the loss of 76 jobs over the next three months but those affected were being encouraged to seek other job openings within the company.
Company spokesman Gary Mickelson said the move was necessary because of the challenging conditions facing the pork industry. Terms of the sale were not disclosed. The group also reported they will reduce their sow herd by 20,000 sows over the next ten weeks.
Last month, Tyson reported that the capital restructuring it underwent secured more than $1.7 billion in liquidity as of March 28 and has ensured financial flexibility while addressing more than $1.8 billion in near-term debt maturities.
Source: The Morning News