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Tyson Foods, Inc. (TSN - Free Report) is undertaking some concrete measures to ensure safety of its employees as its production facilities remain operational amid the coronavirus menace. Recently, the company resumed operations at its pork plant in Columbus Junction, Iowa. The lowa plant which was non-operational for two weeks due to coronavirus outbreak will run at limited capacity for now. Nonetheless, management expects to gradually increase manufacturing activities in this particular plant.
On Apr 6, Tyson Foods had suspended operations in its Iowa plant. The company stated that this step was taken as more than 24 cases of coronavirus were detected at the facility in Iowa. Apart from this, the company’s other meat and poultry facilities are also operational although few of these plants are running at limited capacity due to labor absenteeism among other reasons. Moreover, Tyson Food has suspended operations for one day at several facilities for sanitization process.
Notably, Tyson Food has been implementing high-level deep cleaning and sanitizing at its facilities. Further, it has been installing infrared temperature scanners in several plant locations. Moreover, as social distancing is the key to contain COVID-19, Tyson Foods has created dividers between workplaces with an aim to expand space between employees. Additionally, Tyson Food’s workers are required to use personal protective equipment like face covers as a precautionary measure to contain the spread of the novel coronavirus.
We note that the coronavirus outbreak is spreading at an alarming rate. The pandemic has infected more than 2 million people worldwide and the death toll has crossed 160,000. As complete physical isolation is the sole method to flatten the curve, governments across several countries are imposing lockdowns and curfews. With community transmission increasing in scale, people are hoarding essentials so that they do not have to venture out for daily supplies.
Certainly, the stockpiling works well for consumer staple players like Tyson Foods. Also, this is leading to heavy demand at departmental store retailers, discount store retail chains and supermarkets. In fact, many retailers like Dollar Tree, Inc. (DLTR - Free Report) , Dollar General Corporation (DG - Free Report) and Walmart Inc. (WMT - Free Report) are hiring associates to efficiently cater to customers’ burgeoning demand for essential goods and delivery needs.
Last month, Tyson Foods stated that it will pay around $60 million as bonuses to its 116,000 frontline employees and Tyson truckers in the United States. The eligible candidates will receive a bonus of $500 during the first week of July in addition to the other support announced by the company amid the pandemic. The company’s ‘thank you’ bonus is a response to workers’ commitment toward continued production to meet consumers’ demand for groceries in such challenging times.
We note that, shares of this Zacks Rank #4 (Sell) company have lost 29.2% in the past three months compared with the industry’s decline of 17.1%.
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Tyson Foods' (TSN) Facilities Operational Despite Coronavirus
Tyson Foods, Inc. (TSN - Free Report) is undertaking some concrete measures to ensure safety of its employees as its production facilities remain operational amid the coronavirus menace. Recently, the company resumed operations at its pork plant in Columbus Junction, Iowa. The lowa plant which was non-operational for two weeks due to coronavirus outbreak will run at limited capacity for now. Nonetheless, management expects to gradually increase manufacturing activities in this particular plant.
On Apr 6, Tyson Foods had suspended operations in its Iowa plant. The company stated that this step was taken as more than 24 cases of coronavirus were detected at the facility in Iowa. Apart from this, the company’s other meat and poultry facilities are also operational although few of these plants are running at limited capacity due to labor absenteeism among other reasons. Moreover, Tyson Food has suspended operations for one day at several facilities for sanitization process.
Notably, Tyson Food has been implementing high-level deep cleaning and sanitizing at its facilities. Further, it has been installing infrared temperature scanners in several plant locations. Moreover, as social distancing is the key to contain COVID-19, Tyson Foods has created dividers between workplaces with an aim to expand space between employees. Additionally, Tyson Food’s workers are required to use personal protective equipment like face covers as a precautionary measure to contain the spread of the novel coronavirus.
We note that the coronavirus outbreak is spreading at an alarming rate. The pandemic has infected more than 2 million people worldwide and the death toll has crossed 160,000. As complete physical isolation is the sole method to flatten the curve, governments across several countries are imposing lockdowns and curfews. With community transmission increasing in scale, people are hoarding essentials so that they do not have to venture out for daily supplies.
Certainly, the stockpiling works well for consumer staple players like Tyson Foods. Also, this is leading to heavy demand at departmental store retailers, discount store retail chains and supermarkets. In fact, many retailers like Dollar Tree, Inc. (DLTR - Free Report) , Dollar General Corporation (DG - Free Report) and Walmart Inc. (WMT - Free Report) are hiring associates to efficiently cater to customers’ burgeoning demand for essential goods and delivery needs.
Last month, Tyson Foods stated that it will pay around $60 million as bonuses to its 116,000 frontline employees and Tyson truckers in the United States. The eligible candidates will receive a bonus of $500 during the first week of July in addition to the other support announced by the company amid the pandemic. The company’s ‘thank you’ bonus is a response to workers’ commitment toward continued production to meet consumers’ demand for groceries in such challenging times.
We note that, shares of this Zacks Rank #4 (Sell) company have lost 29.2% in the past three months compared with the industry’s decline of 17.1%.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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