Hundreds of jobs are to be cut at Tyson Foods, the US meat titan, as part of a “strategy of financial fitness”.
The company behind Hillshire Farm deli meats and Jimmy Dean sausages said it had embarked on a “restructuring programme” through which it will look to cut overheads and consolidate “certain enterprise functions”.
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“We estimate the elimination of approximately 500 positions across several areas and job levels, with most of the eliminated positions originating from the corporate offices in Springdale, Arkansas and Chicago, Illinois,” Tyson said in a stock-exchange filing alongside the publication of the financial results for its fiscal first quarter.
The planned cuts led Tyson to book a US$44m pre-tax charge in its results for the quarter to 28 December.
During the three-month period, Tyson’s sales were US$10.82bn, up from $10.19bn in the first quarter of the company’s previous financial year.
Tyson’s operating income stood at $826m, compared to $807m a year earlier. First-quarter net income attributable to Tyson was $557m, versus $551m the year before.
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