Tyson Foods says it will cut 500 jobs, take $44 million charge as part of restructuring

Tyson Foods says it will cut 500 jobs, take $44 million charge as part of restructuring

Tyson Foods Inc. disclosed in a filing that it will cut about 500 jobs, mostly from its corporate offices in Springdale, Ark. and Chicago, as part of a restructuring that was approved in the the first fiscal quarter of 2020. The restructuring will result in a $44 million pretax charge, though the meat producer does not anticipate any future charges associated with the program. Tyson also expects savings of $55 million in fiscal 2020 and $65 million in 2021. Tyson reported fiscal first-quarter sales that missed expectations last Thursday, though the company does expect a bump from the African swine fever outbreak. Tyson stock is down 2% over the past three months, but up 36.5% for the past year. The S&P 500 index has gained 24% over the last 12 months.

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