Company News

Tyson Foods sees COVID-19 costs dropping 39% in fiscal year 2021

FILE PHOTO: A Tyson Foods employee puts on a second protective mask outside of the company's meat processing plant, which has been hit by a coronavirus disease (COVID-19) outbreak, in Waterloo, Iowa, U.S. April 22, 2020. Jeffrey Becker/USA TODAY NETWORK via REUTERS

CHICAGO (Reuters) - Tyson Foods TSN.N expects costs related to COVID-19, including masks and testing for employees, to decline 39% to $330 million in fiscal year 2021, Chief Financial Officer Stewart Glendinning said on Monday.

Meat companies including Tyson Foods idled slaughterhouses in the spring as thousands of workers fell ill with the virus, limiting supplies and pushing up prices.

Reporting by Tom Polansek, Editing by Franklin Paul