Tyson Foods, Inc. (NYSE: TSN) will rebuild a meat processing plant and provide workers "some guaranteed pay" after a Friday, Aug. 9 fire that broke out at its Holcomb, Kansas site, according to Reuters.
The plant will be down indefinitely, and the company plans to rebuild the plant at the same location, the report said.
Officials are still assessing the damage, so it's too early to establish a timeline, but work to clear damage has already begun, Reuters said.
It is estimated that around 3,800 people are out of work, according to Reuters.
“This is a difficult time for our team members and their families, and we want to ensure they’re taken care of,” Steve Stouffer, group president of Tyson Fresh Meats, said in a statement.
“Today, we will notify our full-time, active team members that they’ll be paid weekly until production resumes.”
Tyson Foods shares were trading down by 1.28% at $87.24 at the time of publication Monday. The stock has a 52-week high of $89.34 and a 52-week low of $49.77.
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