LONDON, UK / ACCESSWIRE / August 18, 2017 /Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Tyson Foods, Inc. (NYSE: TSN), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=TSN. The Company announced on August 16, 2017, its plans to invest $84 million for the expansion of its Union City, Tennessee poultry plant. This move indicates Tyson Food's commitment to the continued success of its Union City plant. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Expansion Driven by Increasing Consumer Demand
Doug Ramsey, group president of poultry at Tyson Foods conveyed that the customer and consumer demand for protein, particularly chicken, is rapidly increasing. The Company is thus, investing in projects that expand its strengths, built its capabilities and increases its capacity. He said expansions liked these would help the Company grow and support customers better.
Alongside, he mentioned that Tyson Foods is pleased to invest in such a community. On behalf of the entire Tyson Foods team, he thanked the Tennessee Valley Authority, the Tennessee Department of Economic and Community Development, and the Northwest Tennessee Economic Development Council for their assistance and support for this project.
Details about the Expansion
- The expansion project, which is expected to start this fall, will augment the capacity of the plant's existing harvest area, addprocessing lines, as well as upgrade the supporting operations at the hatchery, feed mill, and in transportation.
- A total of about 25,000 square feet will be added to the plant facility. The expansion project is forecasted to create 300 additional jobs and be completed by 2019.
- In order to meet the new capacity of the facility, approximately 200 more broiler chicken houses will need to be built in northwestern Tennessee within the next two years, according to an estimate by Tyson Foods.
- In this regard, Tyson Foods is encouraging independent farmers, who want to grow for the Company, to visit the Grow with Tyson website to learn more about the process and make initial contact with the Company.
Tennessee Governor Bill Haslam acknowledged Tyson Foods' continued commitment for the development of West Tennessee. He expressed that Tyson has been an integral part of Obion County for 20 years and that he is pleased to see the Company move forward with this 300-job expansion in Union City. Currently, Tyson employs more than 1,000 employees in West Tennessee, and thus its impact on the community extends beyond the local farmers supported by its operations. He also mentioned that the Company's operations help in making Tennessee the No. 1 location in the Southeast for high quality jobs.
Current Status of the Union City Plant
- Tyson Foods built and commenced its Union City plant and related operations in 1997. It produces partially fried chicken products for food service.
- The facility employs nearly 1,000 people and paid approximately $32 million in wages during its 2016 fiscal year. On the other hand, the annual payout for farmers who raise chickens for the plant was above $15 million.
- Apart from West Tennessee, the Company also operates facilities in Goodlettsville, Newbern, and Shelbyville.
- In total, the Tyson Foods employs around 5,000 people in the state with an annual payroll of approximately $181 million. Moreover, the Company paid Tennessee poultry growers above $61 million in its 2016 fiscal year and estimates its total statewide impact to be around $313 million.
About Tyson Foods
Tyson Foods is among the world's largest food companies and a recognized leader in protein. The Company was founded in 1935 by John W. Tyson and subsequently grown under three generations of family leadership. Tyson Foods is headquartered in Springdale, Arkansas and now has around 114,000 team members. It has a broad portfolio of products and brands such as Tyson®, Jimmy Dean®, Hillshire Farm®, Ball Park®, Wright®, Aidells®, ibp®, and State Fair®.
Last Close Stock Review
On Thursday, August 17, 2017, the stock closed the trading session at $64.90, slipping 1.14% from its previous closing price of $65.65. A total volume of 2.20 million shares have exchanged hands. Tyson Foods' stock price surged 6.17% in the last one month and 12.23% in the past three months. Furthermore, since the start of the year, shares of the Company have gained 5.22%. The stock is trading at a PE ratio of 13.66 and has a dividend yield of 1.39%. The stock currently has a market cap of $23.08 billion.
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