July 14, 2006

 

Tyson cuts 850 positions to save costs

 

 

Tyson Foods Inc., the world's largest meat company, said Thursday (Jul 13) it would cut 850 US positions to trim US$200 million off its spending budget to tide over lacklustre sales.

 

The US$200 million savings goal is up from the US$110 million pledged in May by new Chief Executive Richard L. Bond.

 

The company, which employs 114,000 worldwide, said 420 jobs, mainly managerial positions, would be eliminated from the payroll whereas another 430 currently unfilled positions would also be eliminated.

 

Hourly workers at its meat plants would not be laid off.

 

Bond said the company would apply greater focus on value-added products, international expansion and improving operational efficiencies.

 

The company said other cuts would be in recruiting, fees to consultants, travel and other areas. The measures should be in place by the end of the calendar year, the company said.

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