Investing
Egg producer Cal-Maine to buy Tyson’s chicken plant in Missouri
© Reuters. FILE PHOTO: The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. Picture taken May 22, 2022. REUTERS/Arnd Wiegmann/File Photo
(Reuters) – Egg producer Cal-Maine Foods (NASDAQ:) said on Friday it had agreed to acquire a recently shut chicken broiler processing plant, hatchery and feed mill in Dexter, Missouri from Tyson Foods (NYSE:).
Tyson, the largest U.S. meat producer by sales, said in August it would be shutting down four of its chicken plants in states including Missouri, as it looks to cut costs amid slowing demand for its products.
About 683 people worked at Tyson’s facility in Dexter, which has a population of around 8,000.
Cal-Maine said it expects to convert the broiler processing factory into an egg-grading facility initially and anticipates making additional investments and creating new jobs.
The company, which expects to close the transaction in its third fiscal quarter, did not disclose a value for the deal.
Cal-Maine also said it expects to enter into agreements with some of Tyson’s former contract farmers and convert their operations to support its egg production.
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