Tyson to open 12 plants by 2024
Tyson Foods Inc. will invest $1.8 billion as it opens 12 meat plants over the next two years that are expected to increase the Springdale, Ark.-based processor's annual capacity by approximately 1.3 billion pounds.
“Consumer demand for protein has remained strong, and we are taking deliberate actions by segment to improve our volumes to better meet customer needs, including investing in new capacity,” said Tyson President and CEO Donnie King told analysts at the presentation covering the company's second quarter earnings earlier this month.
Currently on the Tyson docket are seven overseas processing facilities in addition to two U.S.-based beef and pork plants and two domestic value-added chicken processing plants.
“The construction of new plants continues to progress,” King continued. “This additional capacity will enable our team to address capacity constraints and better serve growing demand for protein across all segments. Along with ramping up utilization of our newest plant in Humboldt, Eagle Mountain and Thailand, we have four plants expected to commence operation in the fourth quarter of fiscal year 2022.”
The plant announcement comes on the heels of Tyson’s report of strong second-quarter sales and increased revenue guidance.
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