Tyson Foods Announces Agreement to Sell Georgia Poultry Complex
Rhea-AI Summary
Tyson Foods (NYSE: TSN) has agreed to sell its Vienna, Georgia poultry complex to House of Raeford Farms as of July 9, 2024. This move aligns with Tyson's strategy to optimize its plant network. Tyson will maintain its customer orders through other facilities. House of Raeford Farms plans to continue operations at the complex with the current workforce and grower network. The sale is pending customary closing conditions, including U.S. regulatory approval.
Positive
- Tyson Foods' sale of the Vienna, Georgia poultry complex aligns with its strategy to optimize its plant network.
- House of Raeford Farms will continue operations with the existing workforce and grower network, ensuring job security and business continuity.
Negative
- The transaction is subject to customary closing conditions, including U.S. regulatory approval, which could delay or impede the sale.
News Market Reaction – TSN
On the day this news was published, TSN gained 0.93%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
SPRINGDALE, Ark., July 09, 2024 (GLOBE NEWSWIRE) -- Tyson Foods, Inc. (NYSE: TSN) has entered into an agreement to sell its Vienna, Georgia poultry complex to House of Raeford Farms, the company announced today.
Tyson Foods’ decision to sell the complex is part of its continued efforts to optimize its plant network, and the company will continue to service customer orders from other production locations. House of Raeford Farms intends to continue poultry processing at the complex utilizing the existing workforce and grower network.
The transaction is subject to customary closing conditions including approval by U.S. regulators.
About Tyson Foods, Inc.
Tyson Foods, Inc. (NYSE: TSN) is a world-class food company and recognized leader in protein. Founded in 1935 by John W. Tyson, it has grown under four generations of family leadership. The company is unified by this purpose: Tyson Foods. We Feed the World Like Family™ and has a broad portfolio of iconic products and brands including Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, State Fair®, Aidells® and ibp®. Tyson Foods is dedicated to bringing high-quality food to every table in the world, safely, sustainably, and affordably, now and for future generations. Headquartered in Springdale, Arkansas, the company had approximately 139,000 team members as of September 30, 2023. Visit www.tysonfoods.com.
Media Contact: Laura Burns | laura.burns@tyson.com | 479-713-9890
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