Top stories for Jan. 26
Tyson reports $112 million quarterly loss
Reuters reported that the company’s chicken unit lost $286 million, while the beef unit broke even and pork earned $55 million. The company’s prepared foods unit earned $35 million.
Tyson reports that chicken has since improved due to higher meat prices and lower costs. “When our demand began a noticeable decline, we reduced production by approximately 5 percent in December,” says Leland Tollett, interim CEO. He said that the outlook for the company’ beef, pork and prepared foods segments remain positive, as do international trade and renewable products initiatives.
Niman Ranch announces merger
Following the merger, Natural Food Holdings will own 100 percent of both Niman Ranch and affiliated specialty pork processor, Sioux-Preme Packing, which currently processes all of Niman Ranch’s pork. As a result of this transaction, Niman Ranch will be more efficient, better capitalized and well positioned for continued growth, including further expansion of its nationwide network of family farmers and ranchers.