Nov 9 (Reuters) - Tyson Foods said on Monday it partnered with a rancher consortium and, in anticipation of the deal, will reopen a second production shift at its Texas facility as it seeks to revive a beef business squeezed by tight US cattle supplies.
Here are more details:
• The meatpacker's beef business has struggled with a 75-year trough in cattle supply, which has driven up livestock costs and outpaced gains from soaring steak and hamburger prices
• Tyson laid off staff and closed facilities earlier this year in response
• The company said the partnership with Allied Beef would support ranchers and build a more sustainable supply chain
• The additional shift at Amarillo — one of Tyson's key processing facilities, alongside Dakota City, Nebraska, and Holcomb, Kansas — is expected to be fully operational by summer 2027
• The announcement follows President Donald Trump signing a proclamation in August aimed at increasing US imports of ground beef to help lower prices for consumers ahead of midterm elections, a move that pushed cattle prices lower but angered ranchers and reduced the value of inventories previously purchased by meatpackers
• Tyson cut its annual profit forecast for a second time within a month in September
(Reporting by Neil J Kanatt in Bengaluru; Editing by Vijay Kishore)