Tyson Foods Inc. has announced plans to spend more than US$1.3 billion to increase automation in meat plants, over the next three years.
Announced at Tyson Foods’ virtual Investor Day, the productivity initiative aims to reduce labour costs and associated risks, and ultimately deliver cumulative savings — upwards of $450 million by fiscal year 2024.
Donnie King, chief executive officer of Tyson Foods says this initiate is designed to help the company’ facilities improve production capacity and efficiency and continue to “unlock value.”
“We are focused on improving our process effectiveness across our broader operations and functions,” says King. “Our new productivity initiative is designed to drive a better, faster, and more agile organization that is supported by a culture of continuous improvement and faster decision making.”