In this file:
· Tyson Has a Meat Demand Problem, Too
· Tyson Foods will reduce prices on some beef products this week, as grocery store prices soar
· Meet the billionaire family behind Tyson Foods, the $42 billion meat company that's been hit by COVID-19 outbreaks at its plants and is warning of a meat shortage
· Storm Lake Tyson Foods to Test Employees for COVID-19
Tyson Has a Meat Demand Problem, Too
Demitrios Kalogeropoulos The Motley Fool
via Nasdaq - May 14, 2020
Tyson's (NYSE: TSN) meat supply challenges have started to impact demand. The processor of cattle, pigs, and chickens is reportedly cutting beef prices in response to a move by many consumers to try other protein choices. Beef prices jumped in the wake of COVID-19 plant closures in recent weeks.
"We're doing this because we want to help keep beef on family tables," CEO Noel White said.
In early May, Tyson announced that sales rose in the fiscal second quarter despite a huge shift in demand away from restaurants and into the retailing industry segment. Yet the company has already started to feel the pinch from meat plant closures and the loss of restaurant sales. Executives are predicting falling sales volumes over the next six months.
Some beef prices will decline by as much as 30%, Tyson told MarketWatch, which should help the product compete better with alternatives like Beyond Meat (NASDAQ: BYND)...
Tyson Foods will reduce prices on some beef products this week, as grocery store prices soar
By Dianne Gallagher, Pamela Kirkland and Dan Shepherd, CNN
May 13, 2020
Atlanta (CNN Business) – Tyson Foods will be discounting prices on certain products for the remainder of this week.
The price reductions will vary, but Tyson (TSN) told CNN some beef items sold to grocery stores, restaurants and other customers could be discounted by 20% to 30% through Saturday.
"We're doing this because we want to help keep beef on family tables across our nation, especially as our beef plants return from reduced levels of production," said Gary Mickelson, the company's senior director of public relations.
Tyson's announcement comes as American grocery store price tags are soaring. Overall, the price of groceries grew 2.6%, including seasonal adjustments, in April. That was the biggest increase from one month to the next since 1974, according to the Bureau of Labor Statistics.
"We believe the move will also benefit other segments of the supply chain, including the cattle producers, since the objective is to help maintain beef consumption as our plants return to more normal levels of production and work through the backlog of available cattle," Mickelson said.
Prices at the supermarket have been rising sharply because coronavirus has disrupted the food supply chain:
Meet the billionaire family behind Tyson Foods, the $42 billion meat company that's been hit by COVID-19 outbreaks at its plants and is warning of a meat shortage
· Meat processing company Tyson Foods has temporarily closed several of its plants across the US in April and May due to coronavirus outbreaks.
· At least 4,585 cases of COVID-19 and 18 deaths have been linked to Tyson Foods, according to a Business Insider analysis.
· The Arkansas-based company, which owns brands including Jimmy Dean, Hillshire Farm, and Aidells, had $42.4 billion in sales in 2019.
· Tyson Foods has been family-run for three generations, making the Tyson family one of the wealthiest in the US.
· Chairman John H. Tyson and his family are worth $2 billion, per Forbes.
Katie Warren, Business Insider
May 13, 2020
As the coronavirus pandemic batters entire industries, one of America's favorite sectors has found itself particularly vulnerable: meat.
The US could be facing a meat shortage and higher prices as meat processing plants across the country have been forced to temporarily close because of coronavirus outbreaks. More than a dozen of beef, chicken, and pork plants closed in April due to outbreaks, per The Wall Street Journal.
Tyson Foods, which claims to produce approximately 20% of the beef, pork, and chicken in the US and saw $42.4 billion in sales in 2019, was forced to temporarily close some of its meat plants in April and May due to coronavirus outbreaks. Business Insider's Kate Taylor reports that, according to a BI analysis, at least 4,585 cases of COVID-19 and 18 deaths have been linked to Tyson Foods.
Gary Mickelson, a Tyson Foods spokesperson, declined to comment for this story on the number of cases and deaths but said the company takes the safety of its employees very seriously and that the "vast majority" of its facilities have had no cases.
"At some locations, we have been conducting testing of team members and will not hesitate to idle any plant to conduct additional deep cleaning and sanitization of the entire facility," Mickelson told Business Insider.
Tyson Foods, which is today one of the top three largest meat-producing corporations in the world, has been family-run for three generations, making the Tyson family one of the wealthiest in the US. The company's chairman, John H. Tyson, and his family are worth $2 billion, per Forbes.
Here's a look at the massive meat company and the billionaire family behind it...
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Storm Lake Tyson Foods to Test Employees for COVID-19
May 15, 2020
Employees at the Storm Lake Tyson plants will be tested for COVID-19 next week.
Tyson Foods recently partnered with the Matrix Medical Network to help ensure the safety and health of their team members, and to provide on-site healthcare services. Matrix Medical is a leading medical clinical services company. Tyson spokesperson Liz Croston says a mobile medical unit is onsite, and testing will be done on team members at both the pork and turkey plants.
Two weeks ago, Croston confirmed that an unspecified number of employees at the Storm Lake Tyson plants had tested positive for COVID-19.
Croston says the Storm Lake plants are expected...