US-based meat producer Tyson Foods is eliminating 500 jobs within the company as part of its plans to restructure its business.

It intends to reduce overhead costs and consolidate some enterprise functions.

In a stock exchange filing alongside the announcement of the financial results of the first quarter, the company said that it would eliminate positions across several areas and job levels.

Net income attributable to Tyson rose to $557m in the first quarter, which ended on 28 December. This went up from $551m in the same period a year earlier, while sales increased by 6.1% to $10.82bn.

China is the largest consumer of pork in the world. However, an outbreak of African swine fever forced the country to destroy many pigs. This has created a market for global firms such as Tyson.

Although the coronavirus outbreak in China has disrupted shipments at ports, the company remains hopeful. According to Reuters, Tyson Chief Executive Noel White said that buying interest in the Chinese market remains strong.

The firm’s beef sales volume dropped by 8% as its Kansas slaughterhouse caught fire last year.

In December, Tyson Foods secured approval from the US and Chinese authorities to export its poultry products to China.

The company received customs approval to export poultry products from all of its 36 facilities across the US.

Tyson Foods CEO Noel White said: “With improved access to global markets resulting from recent trade developments, there are reasons to be optimistic about fiscal 2020 and beyond and we are well-positioned to capitalise on opportunities in the global marketplace.

“Although we anticipate the challenges and volatility typical in our second fiscal quarter, our long-term outlook remains positive.”