Tyson Foods Inc. is lowering some prices it charges supermarkets and restaurants for beef, after coronavirus-driven disruptions at meatpacking plants have led to a surge in meat costs.
The Arkansas company, which processes about one-fifth of the nation’s beef, plans to reduce prices for ground beef, roasts and other beef products by as much as 20% to 30% for sales made this week to restaurants, grocery stores and other customers. The move will help keep beef affordable, said Noel White, Tyson’s chief executive.
Tyson, the biggest U.S. meat company by sales, has a lot riding on the price of beef. Beef represented more than one-third of the company’s $42.4 billion in sales last year. Nearly half of the company’s beef is sold to grocery stores and food retailers, the company estimates.
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