Tyson Rebounding After Plant Fire
Tyson Rebounding After Plant Fire
On August 9th, a fire broke out at one of the largest beef packing plants in the U.S., significantly impacting beef markets.
And, it's still an issue for ranchers and beef producers across the country.
The fire, at a plant in Holcomb, Kansas, is owned by Tyson Fresh Meats.
The NCBA's Colin Woodall says they are doing everything they can to help get things back to normal.
Some concerns were alleviated when the company announced its commitment to reopen and to continue paying its workers. Because of this,the local economy remains relatively strong, despite Tyson not expecting to be back to full operation near Holcomb until the next calendar year.
"As long as they're continuing to pay their employees, I don't think the broad majority of us will see much difference in the community around us," says Finney County Economic Development Corporation President and CEO Lona Duvall.
Since Tyson workers are still making and spending money, Duvall says local businesses overall are doing well.
"Our retailers are still plenty busy, our restaurants are still busy," Duvall says. "I think because of the confidence Tyson instilled in the people right away that 'we're rebuilding, everything's fine, we're making repairs,' I really think that helped to alleviate people's concerns."
Tyson says the company is staying busy near Holcomb and remains focused on the plant's reconstruction.
After the fire at the Holcomb facility, both the beef and cattle markets saw significant price movements, which led to historic gross margins for those involved in the beef packing industry.
