Tyson Foods (TSN) is closing a meat processing plant in Emporia, Kansas and eliminating 800 jobs.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
The Arkansas-based company said its ground beef and value-added protein plant will be shutdown in February 2025 to help the company achieve greater operational efficiencies. The move comes as Tyson Foods beef operations struggle.
In the last fiscal year, the company’s beef unit reported a loss of $291 million. The Tyson Foods meat processing plant was one of the largest local employers in the Emporia region. In all, the company employs more than 5,000 people across the State of Kansas.
Diminished U.S. Cattle Herd
The largest U.S. meat company said in a written statement that as many as 200 Emporia plant workers could be absorbed into its other operations, though no final decisions have been made. Tyson Foods is grappling with a declining U.S. cattle population and higher costs for livestock processing.
In 2023, Tyson Foods closed six of its largest chicken processing plants across the U.S. and an Iowa pork plant because of eroding market conditions. The stock of Tyson Foods has risen 20% this year due largely to strong overall financial results and cost cuts.
Is TSN Stock a Buy?
The stock of Tyson Foods has a consensus Moderate Buy rating among six Wall Street analysts. That rating is based on two Buy and four Hold recommendations assigned in the last three months. The average TSN price target of $65.60 implies 4.16% upside from current levels.
