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Some Tyson Foods Poultry Imports To China Halted As Coronavirus Hits Factories

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Some Tyson Foods Poultry Imports To China Halted As Coronavirus Hits Factories

The Chinese customs agency is said to have halted imports from the Tyson Foods Inc (NYSE: TSN) poultry plant in Springdale, Arkansas, after hundreds of workers of the company tested positive for COVID-19.

What Happened

The Associated Press reports that 481 employees tested positive for COVID-19 at plants located in Benton and Washington Counties, Arkansas, 95% of whom were asymptomatic.

Gary Mickelson, a Tyson spokesman, said, “At Tyson, we’re confident our products are safe and we’re hopeful consultations between the U.S. and Chinese governments will resolve this matter.”

Why It Matters

The Chinese customs agency did not announce the quantity of the meat it has restricted from entering the country, reported AP. 

According to Mickelson, health organizations worldwide and in the United States have found no association between the transmission of COVID-19 and food.

Tyson facilities in North Carolina, Nebraska, and Iowa have also been affected by the coronavirus outbreak.

A five-year ban on U.S. poultry was lifted by China in November after the December 2014 outbreak of avian influenza. 

In 2013, China imported poultry products worth more than $500 million.

Tyson has been cooperating with the U.S. Justice Department after some of its employees were implicated in a price-fixing scheme. 

Price Action

Tyson Foods shares traded 0.98% lower at $62.60 in the after-hours session on Friday. The shares had closed the regular session 1.23% lower at $63.22.

 

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Posted-In: China Covid-19 poultry The Associated PressNews Global General Best of Benzinga

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