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Search resuls for: "Patrick Thomas"


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☆ Tyson Foods Reports Loss, Cuts Revenue Outlook for the Year
  + stars: | 2023-05-08 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Tyson Foods’ operating income from its chicken business swung to a $258 million loss in its latest quarter. Photo: Tiffany Hagler-Geard/Bloomberg NewsTyson Foods swung to a loss in its latest quarter and cut its sales forecast for the year, as the meat supplier grappled with higher costs across its business. The Springdale, Ark.-based company, which produces about one out of every 5 pounds of chicken, beef and pork sold in the U.S., posted a loss of $97 million, or 28 cents a share, in the period ended April 1, compared with net income of $829 million a year earlier. Analysts polled by Factset had expected Tyson to report 80 cents a share in profit.
☆ Bernard Arnault, the world's richest person, was nicknamed the 'wolf in cashmere' by rivals because of his predatory takeover moves. His company just hit a $500 billion valuation.
  + stars: | 2023-04-29 | by ( Mary Hanbury | ) www.businessinsider.com   time to read: +4 min
Bernard Arnault is head of luxury giant LVMH and the world's richest person worth $206 billion. He earned the nickname the "wolf in cashmere" because of his ruthless moves to acquire rivals. It's enabled him to create the world's largest luxury conglomerate, which was valued at $500 billion this week. "Arnault is a man of great vision," Pierre Mallevays, former head of acquisitions at LVMH, previously told The Guardian. It was during his pursuit of Hermès International that he earned the nickname of the "wolf in cashmere."
☆ Tyson Foods to Cut 10% of Corporate Jobs, Eliminate Some Senior Leadership Roles
  + stars: | 2023-04-26 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
A Tyson Foods pork processing plant in Logansport, Ind. Photo: Michael Conroy/Associated PressTyson Foods Inc., the largest U.S. meat supplier by sales, is eliminating 15% of its senior leadership positions and 10% of corporate roles, according to a memo sent to employees. “This is not an easy day,” Tyson Chief Executive Donnie King said Wednesday in a note to employees, which was reviewed by The Wall Street Journal. Discussions with the majority of affected employees will take place this week, Mr. King said.
☆ Salmonella in Breaded Raw Chicken Is Target of USDA Crackdown
  + stars: | 2023-04-25 | by ( Kristina Peterson | Patrick Thomas | ) www.wsj.com   time to read: 1 min
The USDA’s move is part of a broader effort to contain salmonella, a cause of foodborne disease. Photo: NIH/Universal Images Group/Getty ImagesWASHINGTON—The Agriculture Department proposed new rules Tuesday aimed at minimizing salmonella outbreaks from some breaded chicken products, a move the industry said could significantly affect availability and price. Part of a broader effort to contain salmonella, the new proposal takes aim at breaded, stuffed raw chicken products, such as frozen chicken cordon bleu. Because these products are often prebrowned, consumers might mistakenly think they are cooked, leading to consumption of undercooked chicken, the USDA said.
☆ Former Outcome Health Executives Found Guilty of Fraud
  + stars: | 2023-04-11 | by ( Rolfe Winkler | John Keilman | Patrick Thomas | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/former-outcome-health-executives-found-guilty-of-fraud-912f9bb0
☆ Tyson Foods Heir Looks to Help Right the Family Business After His Arrest
  + stars: | 2023-04-10 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Tyson Foods’ John R. Tyson speaking at the WSJ Global Food Forum in Chicago last year. John R. Tyson began Nov. 5 running 7 miles in a weighted vest. In the wee hours of the next morning, he was arrested by four police officers and taken to jail in his underwear. Since his arrest, the family-controlled Tyson Foods Inc. has stood by its chief financial officer, who is also the great-grandson of the company’s founder and son of its current chairman, as Mr. Tyson’s case played out in court and the media.
☆ Ukraine Farms Attract Money and Help From Allies, Top Food Companies
  + stars: | 2023-04-04 | by ( Patrick Thomas | Alistair Macdonald | ) www.wsj.com   time to read: 1 min
Agriculture was responsible for 10% of Ukraine’s gross domestic product and 40% of its exports before the war. Foreign countries and some of the world’s largest agriculture companies are donating or lending hundreds of millions of dollars to Ukrainian farmers, marking an early push by Kyiv’s allies to rebuild the country even as the war shows little sign of ending soon. Ukraine’s farming industry has been hit hard by Russia’s invasion. Equipment has been destroyed, land has been expropriated and mined and export routes choked off. Financing is hard to come by, and some of the industry’s most basic imports, such as fertilizer, are in short supply.
☆ KFC, Other Chains Hunt for Elusive 4-Pound Chicken
  + stars: | 2023-04-03 | by ( Patrick Thomas | Heather Haddon | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/kfc-other-chains-hunt-for-elusive-4-pound-chicken-e0a51dc3
☆ Tyson to Close Two Chicken Plants, Laying Off 1,700 Workers
  + stars: | 2023-03-14 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Tyson Foods Inc. plans to shut down two of its poultry plants and lay off nearly 1,700 workers as it tries to improve its chicken operations that produce about one-fifth of the U.S. supply. Tyson notified the nearly 1,000 employees at its Van Buren, Ark., chicken plant on Monday that it would close on May 12, the company said. About 700 workers at Tyson’s plant in Glen Allen, Va., also found out on Monday that its plant would close in May, according to the local United Food and Commercial Workers International Union, which represents employees at the Virginia plant.
☆ Smithfield Foods CEO Defends Pork Producer’s Chinese Ownership
  + stars: | 2023-03-14 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Smithfield’s ownership has become a focus of criticism in Washington, D.C.SMITHFIELD, Va.—Smithfield Foods Inc., the country’s largest pork producer, is defending its turf against growing concerns from lawmakers over Chinese control of U.S. agriculture. The Virginia company, which was acquired in 2013 by Chinese pork company WH Group Ltd., said its ownership has helped fuel steady growth over the past decade and export more of its products to China, the world’s biggest pork market. Shane Smith , Smithfield’s chief executive, said WH’s backing has helped the company increase its sales, hire more U.S. workers and expand its plants’ processing capabilities.
☆ America Is Losing the ‘Epic Battle’ Against Bird Flu
  + stars: | 2023-02-24 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
After losing eight million egg-laying hens to avian influenza in 2015, Versova Management Co. spent tens of millions of dollars on laser systems, sound cannons and on-site worker showers to shield flocks from the virus spread by wild birds. Versova lost another two million or so hens in the latest outbreak, showing the limits of costly industry protections.
☆ Mounting Cost of Bird Flu: 48 Million Dead Chickens and Some Very Expensive Eggs
  + stars: | 2023-02-23 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
After losing eight million egg-laying hens to avian influenza in 2015, Versova Management Co. spent tens of millions of dollars on laser systems, sound cannons and on-site worker showers to shield flocks from the virus spread by wild birds. Versova lost another two million or so hens in the latest outbreak, showing the limits of costly industry protections.
☆ U.S. Fines Food Sanitation Company $1.5 Million for Hiring Children to Clean Meatpacking Plants
  + stars: | 2023-02-18 | by ( Ginger Adams Otis | Patrick Thomas | ) www.wsj.com   time to read: 1 min
The Labor Department said Packers Sanitation Services Inc. illegally employed teenagers. A food sanitation-service provider accused of hiring at least 102 children to work overnight shifts cleaning meatpacking plants in eight states has paid $1.5 million in penalties, the Labor Department said. Packers Sanitation Services Inc. illegally employed minors between the ages of 13 and 17 at 13 meatpacking facilities around the U.S., the federal agency said Friday.
☆ High Food Prices, Chinese Demand Boost Prospects of U.S. Agriculture Companies
  + stars: | 2023-02-11 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Farmers are forecast to increase planting this year to make the most of high grain prices and offset their higher costs. The U.S. agriculture industry is projecting another strong year, with elevated crop prices and China’s rebound from Covid-19 expected to boost farmers, chemical suppliers and grain traders. Grain-trading middlemen, including Archer Daniels Midland Co. and Bunge Ltd., said demand for crops, vegetable oils and livestock feed will remain strong in 2023. China is also expected to increase its crop imports as Covid-19 restrictions in the country ease, executives said. Seed and pesticide sellers said those forces should support crop prices and keep farmers flush with cash, enabling them to shell out for higher-priced supplies.
☆ Egg Prices Drop for Retailers, But Shoppers Yet to See Relief
  + stars: | 2023-02-08 | by ( Jaewon Kang | Patrick Thomas | ) www.wsj.com   time to read: 1 min
The prices of eggs rose more than any other grocery item last year, driven by avian influenza and higher feed costs. Eggs are getting cheaper for retailers. For consumers, they are still expensive. Wholesale prices of Midwest large eggs have declined to $2.81 a dozen, according to research firm Urner Barry , down nearly 50% from a record high of more than $5 a dozen in December, but higher than $1.30 a dozen in January 2022.
☆ Bayer Hires Former Roche Executive to Succeed CEO Werner Baumann
  + stars: | 2023-02-08 | by ( William Boston | Patrick Thomas | ) www.wsj.com   time to read: 1 min
Bill Anderson is set to join Bayer’s management board in April and become CEO in June. BERLIN— Bayer AG said it is replacing the company’s embattled chief executive, Werner Baumann , with Bill Anderson, a 56-year-old American pharmaceuticals executive. Mr. Baumann, 60 years old, has served as CEO since 2016 after previously serving as the company’s finance chief. His current term was due to expire in April 2024. He led the company’s acquisition of Monsanto for $63 billion in 2018, which left Bayer mired in litigation and saddled with about $43 billion in debt.
☆ Tyson Foods Profit Declines as Beef Price Drops
  + stars: | 2023-02-06 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Tyson Foods said it expects improved results later this year. Tyson Foods Inc. said its profit fell in its fiscal first quarter from a year ago as costs climbed and beef prices fell. The Springdale, Ark.-based company posted a profit of $316 million, or 88 cents a share, in the period ended Dec. 31, compared with $1.12 billion, or $3.07 a share, a year earlier. Analysts polled by FactSet had expected Tyson to report $1.35 a share in profit.
☆ Tyson Foods Profit Tumbles as Costs Rise and Demand Weakens
  + stars: | 2023-02-06 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Tyson said consumers are spending more on its less expensive food products. Tyson Foods Inc. reported its biggest percentage drop in quarterly profit in over a decade, signaling how higher costs and slackening demand are squeezing the U.S. meat industry. Executives of the Springdale, Ark., company, the largest U.S. meat processor by sales, said that meat supplies have been growing, while consumers shift their purchasing in response to a softening U.S. economy. Meatpackers meanwhile continue to pay more for transport, animal feed and plant worker wages, cutting into profits.
☆ Tyson Foods CFO Pleads Guilty to Public Intoxication, Trespassing Charges
  + stars: | 2023-01-24 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Tyson Foods CFO John R. Tyson, great-grandson of the meat giant’s founder, has apologized for the incident. Tyson Foods Inc. Chief Financial Officer John R. Tyson pleaded guilty to charges after being arrested in November for falling asleep in a house that wasn’t his, according to the Fayetteville, Ark. prosecutor’s office and the district court. Mr. Tyson, great-grandson of the meat giant’s founder, agreed to pay a $150 fine each on charges of public intoxication and criminal trespass, admitting guilt, officials said. With fees, he paid $440 total on Tuesday.
☆ Agriculture Companies Push Carbon-Capture Farming; Growers Are Skeptical
  + stars: | 2023-01-15 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Agriculture companies are investing millions of dollars to develop farming programs designed to capture more carbon dioxide in fields, as a possible solution to mitigate climate change. The challenge: convincing farmers that it is worth their time, the costs of new farming practices and potentially losing out on some of their harvest in the process.
☆ Why Are Eggs So Expensive? Here’s What It Means for You.
  + stars: | 2023-01-13 | by ( Patrick Thomas | Jaewon Kang | ) www.wsj.com   time to read: 1 min
Egg prices are soaring as the deadliest avian influenza outbreak on record devastates poultry flocks across the country. The price for eggs rose 11.1% last month compared with the month before and was up nearly 60% in December from the prior year, according to Thursday’s consumer-price index, a measurement of what consumers pay for goods and services. Overall inflation eased to 6.5%, according to this week’s federal data.
☆ Egg Prices Surge to Records as Bird Flu Hits Poultry Flocks
  + stars: | 2022-12-23 | by ( Jaewon Kang | Patrick Thomas | ) www.wsj.com   time to read: 1 min
Retail egg prices have climbed more than any other supermarket item this year. Egg prices are hitting records, driven by an avian-influenza outbreak that has killed tens of millions of chickens and turkeys this year across nearly all 50 states. Wholesale prices of Midwest large eggs hit a record $5.36 a dozen in December, according to the research firm Urner Barry. Retail egg prices have increased more than any other supermarket item so far this year, climbing more than 30% from January to early December compared with the same period a year earlier, and outpacing overall food and beverage prices, according to the data firm Information Resources Inc.
☆ Egg Prices Surge to Records as Bird Flu Decimates Poultry Flocks
  + stars: | 2022-12-22 | by ( Jaewon Kang | Patrick Thomas | ) www.wsj.com   time to read: 1 min
Retail egg prices have climbed more than any other supermarket item this year. Egg prices are hitting records, driven by an avian-influenza outbreak that has killed tens of millions of chickens and turkeys this year across nearly all 50 states. Wholesale prices of Midwest large eggs hit a record $5.36 a dozen in December, according to the research firm Urner Barry. Retail egg prices have increased more than any other supermarket item so far this year, climbing more than 30% from January to early December compared with the same period a year earlier, and outpacing overall food and beverage prices, according to the data firm Information Resources Inc.
☆ Hundreds of Tyson Foods Employees Expected to Depart as Company Closes Offices
  + stars: | 2022-12-21 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Tyson Foods announced that it would be closing its Chicago office, among others, as part of an effort to consolidate its corporate staff in Arkansas. Hundreds of Tyson Foods Inc. employees from two of its largest business units plan to leave the company as it consolidates its corporate offices to northwest Arkansas next year, according to people familiar with the matter. The largest U.S. meat supplier by sales said in October that it planned to close its offices in Chicago, Downers Grove, Ill., and Dakota Dunes, S.D., which currently house many of Tyson ‘s corporate employees in its prepared foods, beef and pork divisions. About 1,000 employees total work in those locations, the company has said.
☆ Tyson CFO Pleads Not Guilty to Public Intoxication, Trespassing Charges
  + stars: | 2022-12-01 | by ( Patrick Thomas | ) www.wsj.com   time to read: 1 min
Local police say John R. Tyson was found asleep in the wrong Fayetteville, Ark. house last month. Tyson Foods Inc. Chief Financial Officer John R. Tyson , great-grandson of the meat giant’s founder, pleaded not guilty on Thursday to charges of criminal trespass and public intoxication. Mr. Tyson will have a trial on the charges Feb. 15, according to Fayetteville District Court. A Tyson spokesman declined to comment.
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