In order to meet strong demand for its chicken, Tyson will open a new production plant in Humboldt, Tennessee, worth $300 million. The new plant will create more than 1,500 local jobs once it begins operating in late 2019.
Tyson said in a statement Monday, Nov. 20, that it has been producing chicken in Tennessee for more than 45 years. Humboldt was the right choice, Tyson said, because of support from local leaders, existing industrial infrastructure, availability of labor and easy access to feed grains produced in the region.
The new plant is expected to produce pre-packaged trays of fresh chicken for retail grocery stores. It is on track to process 1.25 million birds per week.
Tyson stock gained 1.12% to $78.82 in late-morning trading Monday. Shares are up 27.8% since the start of the year.
More of What's Trending on TheStreet: