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Tyson cutting 420 jobs, reducing costs by $200 million

July 24, 2006
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Tyson Foods Inc. will cut about 420 management and support jobs as part of a plan to reduce costs by $200 million, Reuters reports. The Springdale, Arkansas-based company—which has been hurt by an oversupply of poultry, closed export markets for beef, and poor margins in pork— said it will also eliminate another 430 jobs that are currently open. Tyson employs 114,000. The reductions exceed the $110 million goal set by new Chief Executive Officer Richard L. Bond, who succeeded John Tyson as CEO in May and shortly afterward announced a plan to cut spending. Virtually all of the savings measures announced on Thursday should be in place by the end of the calendar year. The eliminated jobs include about 140 in northwest Arkansas and 90 in Dakota Dunes, South Dakota, and Dakota City, Nebraska. The remaining positions are at various locations throughout the company. The company is also eliminating the services of 40 outside consultants. Hourly plant production jobs are not affected.

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