Summary
Tyson Foods is reducing operations at its Amarillo, Texas plant and closing its Lexington, Nebraska plant due to low cattle supplies and financial losses. This decision affects about 1,700 workers in Texas and 3,200 workers in Nebraska. The U.S. cattle herd is at a historic low, impacting the beef industry significantly.
Key Facts
- Tyson Foods is cutting jobs due to low cattle supplies and financial losses.
- The plant in Amarillo, Texas, will reduce operations, affecting about 1,700 workers.
- The Lexington, Nebraska plant will close by January 2026, impacting roughly 3,200 workers.
- U.S. cattle herd levels are the lowest they've been in nearly 75 years.
- Tyson aims to increase production at other plants to maintain beef supply.
- Tyson's beef division lost $426 million in the last year, with further losses expected.
- Beef prices are rising due to limited cattle supply and high demand.
- Texas cattle industry faces challenges from droughts and rising costs.
