TSN - Workers Are Dying at Meatpacking Plants and Investors Need to Take Note
Things aren't looking so rosy for workers at the country's various meatpacking plants. Tyson Foods (NYSE: TSN) is one of several large meatpackers facing scrutiny from public health officials for their failure to curtail the spread of the virus among their employees.
Calculations from the Midwest Center for Investigative Reporting, local media, and governments confirm that Tyson has been linked to 4,585 workers in 15 states who were diagnosed with COVID-19. At the time those numbers were compiled, 18 of those patients had died. Such a concentration of cases speaks to the severity of the virus hotspots growing in and around these meatpacking facilities. The fallout for Tyson and its peers could be substantial if this persists.
When Tyson's second-quarter earnings were released recently, they showed a 9% decline in sales, evidence of a struggling business amid the pandemic. Even with the support of the White House, Tyson projects nationwide shortages and more uncertainty moving forward. The company announced May 11 that after the completion of testing at one of its plants in Portland, Maine, 51% of the 403-person team had tested positive for COVID-19.