The broiler chicken industry is worth a staggering $31.5 billion USD, and this represents significant investment opportunities for big businesses. One such name in the field is Tyson Foods, which has 139,000 employees and earned around $3.55 billion USD from its poultry industry activities overall.
Fittingly with such significant income, the brand has been looking for ways to grow and optimize its activities. One such change is its recently announced Arkansas hatchery.
Who Are Tyson Foods?
Tyson Foods is one of the US’s largest processors of chicken, beef, and pork. Approximately 20% of all American poultry and beef. The company primarily produces a wide range of meat-based items; however, it also includes processed products.
Launching a $70M Hatchery
Recently, the business announced it would be opening a new hatchery to upscale its chicken production. This news comes shortly after the brand moved to close two processing plants.
This is due to be split into two sites. In total, the development of the premises is expected to cost around $70 million. Construction has already begun on this project; estimates suggest it is to be completed in late 2024. This will help provide plenty of jobs, which in turn will help serve the population of Hope, Arkansas.
The site will comprise 131,000 square feet of hatching space to help make the process of rearing poultry more efficient and streamlined. The new sites will also provide benefits to the local communities. For example, not only will it offer additional jobs, but it will allow farmers within a fifty-mile radius the chance for further contracts.
The development is due to create approximately 750 jobs. As a minor concern, though, the company closed several smaller hatcheries recently. This was because it wasn’t possible to upscale productions enough to keep up with demand. Hence, this led to the business’s shifted focus onto large-scale, highly efficient units.
While Tyson Foods spends $70M on a new Arkansas hatchery, they are also dealing with mass layoffs as they close two chicken plants.