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Saturday, July 26, 2014

CORRECTED-Tyson Foods to shut 3 factories, cut 950 jobs, (NYSE: TSN)

Tyson Foods Inc said it will discontinue operations at three of its factories which make processed meat products such as sausages and hot dogs, affecting about 950 people.The largest U.S. meat processor, which won the bidding war for Hillshire Brands Co in June, said the closures were not related to the acquisition."The closings were under consideration long before our decision to pursue Hillshire Brands", Tyson spokesman Gary Mickelson told Reuters.Tyson outbid Pilgrim's Pride Corp with its $63 per share offer for Hillshire, valuing the Jimmy Dean sausages maker at $8.55 billion.

Tyson Foods, Inc. is a food production company. The Company produces, distributes and markets chicken, beef, pork, prepared foods and related allied products. Shares of TSN fell by 0.58% or $-0.23/share to $39.54. In the past year, the shares have traded as low as $26.97 and as high as $44.24. On average, 4385680 shares of TSN exchange hands on a given day and today's volume is recorded at 2295249.