A subsidiary of Arkansas-based Tyson Foods, Inc. has shut down its beef operations plant in Denison, Iowa, leaving 400 people without jobs.
Tyson Fresh Meats closed the plant Friday. Tyson Fresh Meats President Steve Stouffer said in a news release that the cattle supply is down - leading to an excess of beef production capacity. He said ending beef operations at the plant will put Tyson's remaining beef business in a better position to succeed.
The company is offering financial incentives to former hourly employees of the Iowa plant who qualify for openings at a plant in Lexington, Nebraska, and said some worker will qualify for up to 60 days of pay.
The plant was opened in 1961 by Iowa Beef Packers and was acquired by Tyson Foods in 2001.