Tyson Foods is expanding its fresh meat processing and cold storage facility in Goodlettesville, Tenn. The meat giant is investing $15.5 million and plans to add 157 new jobs to that facility which processes case-ready beef and pork for retail grocers.
Plans are to add four production lines that Tyson said will help it better meet the needs of its customers as it grows its business. The announcement was made by the Tennessee’s Governor’s Office on Tuesday, May 20. Tyson Foods referred the media to that release and offered no other details.
Beef and pork comprised 58% of the company’s total sales in the recent quarter. CEO Donnie Smith said during the recent quarter that high live cattle prices kept Tyson on the sidelines for much of the time as the company carefully worked to protect its beef operating margins. He also warned that the company might have to reduce hours in its pork facilities because of the broad impact the PED virus is having on hog supplies.
Tyson did not say whether or not this expansion in Tennessee is coming at the expense of production cuts elsewhere. The market conditions for procuring live cattle and hogs remains challenged, despite the higher meat prices. Smith said consumers have not really felt the full impact on higher beef and pork prices yet, but it’s coming.