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Friday, July 25, 2014

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

Tyson Foods Inc, the largest U.S. meat processor, said it will discontinue operations at three of its factories which make frozen foods such as pepperoni, pizza crusts and meat dishes, affecting about 950 people.Tyson, which won the bidding war for Hillshire Brands Co in June, said the closures were not related to the acquisition."The decision to close these plants was underway long before the (Hillshire) discussions began", 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 $26.87 and as high as $44.24. On average, 4392910 shares of TSN exchange hands on a given day and today's volume is recorded at 2294454.