Tyson Foods has announced plans to lay off nearly 1,700 employees. Tyson will be closing two chicken plants in May, one in Arkansas and one in Virginia.
In a statement, Tyson said it will be closing down the facilities and focusing on optimizing operations by utilizing full capacity at existing plants.
Tyson underperformed expectations last quarter. Its operating income was cut in half compared to one year ago.
Tyson is the latest food and beverage company to downsize to save costs. In recent months, Pepsi cut jobs. Plus, Beyond Meat and Impossible Foods cut more than a fifth of their workforces. And spice giant McCormick and Coca-Cola are offering buyouts to employees in an effort to save money at a time of economic uncertainty.
