Tyson Foods to open 12 new plants, invest $1.3 billion in automation in the coming years

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Tyson Foods Inc. TSN, +0.26% announced its plans for the coming years at the meat company’s virtual investor event on Thursday. Tyson will open 12 new plants over the next two years, increasing capacity 1.3 billion pounds. The company expects global consumption of chicken, beef and pork to grow by 95 billion pounds over the next decade. And the company will invest $1.3 billion over the next three years in automation to help with labor costs and other areas of the business. The company expects its new “productivity program” to yield $1 billion in recurring savings by fiscal 2024. Tyson stock has run up 30% in 2021, outpacing the S&P 500 index SPX, -0.72%, which is up 24.7%.

This article was originally published by Marketwatch.com. Read the original article here.

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