Tyson Foods (TSN) on Wednesday announced it would leave Chicago and South Dakota areas. The company said it aims to move nearly 1,000 employees to its global headquarters in Springdale, Arkansas, starting early next year.
Tyson, which employs about 137,000 workers, said the transition is an effort to increase efficiency and “enable faster decision making.”
“Bringing our talented corporate team members and businesses together under one roof unlocks greater opportunities to share perspectives and ideas, while also enabling us to act quickly to solve problems and provide the innovative products solutions that our customers deserve and value,” Donnie King, the company’s president and CEO, said in a statement.
As part of restructuring, Tyson Foods said it will be also be expanding its headquarters, investing in indoor and outdoor spaces and technology. The move would not result in layoffs, the company said.
The latest corporate shift at Tyson comes days after the company appointed John R. Tyson, 32, the great-grandson of the company’s founder, as its chief financial officer.
Tyson’s move out of Chicago follows suit from other high-profile corporate departures from the area.
Boeing Co. (BA) in May said it would relocate its headquarters from Chicago to Arlington, Virginia. In June, construction equipment maker Caterpillar Inc. (CAT) announced its decision to leave the Chicago suburbs for Texas.
Tyson Foods holds roughly 12% of the market share of the food process sector, according to CSIMarket, a financial market analysis tracker.
Shares of Tyson on Wednesday closed at $66.64, down $0.82, or 1.22%.