Tyson Foods, yet another quarterly loss
Top U.S. meat producer Tyson Foods Inc. posted its third consecutive
quarterly loss, seemingly due to an oversupply of meat and higher corn
prices, among other variables. According to meat analysts, the latest
oversupply of meat has been due to greater production. The U.S.
Agriculture Department projects U.S. beef production in 2006 to rise 5.2
percent, pork to rise 2 percent and chicken to rise 1.4 percent.
Tyson Foods Chief Executive Richard Bond stated that "The best thing
I can say about fiscal 2006 is, it's over." As part of their plan to
restore profits, Tyson already began a $200 million cost-cutting plan,
closed meat plants, and cut chicken production.
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