Tyson Foods to Pay $4 Million to Settle Poisonous Gas Claim at its Facilities (TSN)
The Department of Justice and Environmental Protection Agency said that Tyson Foods Inc. (NYSE: TSN) will pay out $4 million to settle a claim which alleged that poisonous chemicals emitted from some of its facilities, causing serious health injuries.
According to a statement released on Friday, several of its production facilities that include Missouri, Nebraska and Iowa released harmful gas anhydrous ammonia.
Anhydrous ammonia is considered as an extremely lethal gas and inhalation of such vapors could damage eyes and cause blindness, momentarily. Besides, it also causes irritation on respiratory tract, throat, mouth, and skin. If a person is exposed to this vapor for several hours then it can also result in serious damage to lungs and even death.
According to the settlement, Tyson was also required to carry out third party audits of its quality and environmental compliance with the Clean Air Act’s risk management program at its all 23 meat processing facilities which included Missouri, Nebraska, Iowa and Kansas. Tyson Foods has also agreed to invest on $300,000 worth emergency response equipment so that communities living adjacent to such facilities can take precautionary action if such incidents repeat.
The announcement sent shares down 2.71% down during normal trading hours on Friday.
Earlier in February, the Company said that its current quarter financials will face some pressure due to margin pressure on its beef and pork business. However, the Company was upbeat in its full-year outlook.
Meat processing companies are reeling under pressure lately due to higher feed costs along with cautious spending by U.S. consumers in the backdrop of macroeconomic uncertainty.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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