They smell so much like schadenfreude*
Hostess brands, including Twinkies, filed for bankruptcy and went out of business last year because their unions refused to bargain in good faith and didn’t believe management when they were told if they refused to move on their contract demands it would put the company out of business. The union thought they were bluffing. They weren’t and the union’s intrangency put 15,000 union workers on the street.
Through the bankruptcy process they sold off their trademarks and recipes and the new owners, Metropoulos & Co. and Apollo Global Management LLC, are getting ready to resurrect the Twinkie!!! And the other products as well.
Chief Executive C. Dean Metropoulos said the company will pump $60 million in capital investments into the plants between now and September and aims to hire at least 1,500 workers.
When Hostess shut down the baker’s union president had the opportunity to show the world just how out of touch he is with the real world.
[Bakers Union] President David Durkee said the strike had left the union in “a position of strength,” and he expressed confidence its workers would get a better deal from the new owners than Hostess offered during the bankruptcy case, its second in recent years.
He added that the only way for the brands to have a “seamless restart” would be to hire back unionized bakers. “Only our members know how to get that equipment running,” Mr. Durkee said. “A work force off the street will not be able to accomplish that.”
But Mr. Metropoulos and his son, Daren, the co-CEO of Pabst Brewing Co. who is also heading up the reborn Hostess’s marketing strategy, expressed confidence they would be able to find skilled, nonunion workers near the four plants, which are in areas with high unemployment.
“We’re trying to find the most qualified people in these local markets to come work for the company,” Daren Metropoulos said.
Gosh, what a concept. Hiring qualified people. Maybe we could draft Daren for President?
- Bakers Union, OUT.
- Teamsters Drivers, OUT.
- Twinkies, BACK.
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