Workers at Tasty Baking Company’s Philadelphia Bakery Vote for Union Representation
August 13 2010 - 6:35PM
Business Wire
Tasty Baking Company (NasdaqGM: TSTY) today announced that 240
hourly production, sanitation and distribution workers in the
company’s Philadelphia Navy Yard facility voted on August 11, 2010
to be represented by the Bakery, Confectionery, Tobacco Workers and
Grain Millers' International Union. The company has approximately
340 total hourly and salaried workers at its Philadelphia baking
and distribution facility. The results of the election have not yet
been certified by the National Labor Relations Board. Before this
vote, the company already had approximately 40 of its employees
represented by the International Brotherhood of Electrical Workers,
which began their representation in 2005.
With regards to the optimization efforts at the new bakery, the
company remains intently focused on improving overall performance
at the facility. Management continues to work closely with
equipment vendors, outside consultants and a specially mobilized
internal team to address challenges that impacted equipment
efficiency and performance in the first and second quarters of
2010. Management continues to anticipate that during the fourth
quarter of 2010, the company will achieve the efficiencies
necessary to generate the annualized, pre-tax savings of $13-15
million dollars, net of facility leases, but before debt
service.
“We respect the decision of our employees and, as we already
have a portion of our labor force represented by a union, we have
experience with the collective bargaining process,” said Charles
Pizzi, Chief Executive Officer, Tasty Baking Company. Mr. Pizzi
continued, “This vote by employees in the Philadelphia facility
does not change or disrupt our primary priority, which is to
optimize the bakery, achieve our stated annual savings goals, and
grow our business.”
ABOUT TASTY BAKING COMPANY
Tasty Baking Company (Nasdaq: TSTY), founded in 1914 and
headquartered in Philadelphia, Pennsylvania, is one of the
country’s leading bakers of snack cakes, pies, cookies, and donuts
with manufacturing facilities in Philadelphia and Oxford,
Pennsylvania. Tasty Baking Company offers more than 100 products
under the Tastykake brand name. For more information on Tasty
Baking Company, visit www.tastykake.com. In
addition, consumers can send Tastykake products throughout the
United States from the Company’s website or by calling
1-800-33-TASTY.
“Safe Harbor Statement” Under the Private Securities
Litigation Reform Act of 1995
Except for historical information contained herein, the matters
discussed herein are forward-looking statements (as such term is
defined in the Securities Act of 1933, as amended) that are subject
to risks and uncertainties that could cause actual results to
differ materially from those stated or implied herein. These
forward-looking statements may be identified by the use of words
such as "anticipate," "believe," "could," "estimate," "expect,"
"intend," "may," "plan," "predict," "project," "should," "would,"
"is likely to," or "is expected to" and other similar terms. There
are a number of factors that may cause actual results to differ
from these forward-looking statements, including, without
limitation, the costs to complete a new facility and relocate
thereto, the risks of business interruption and an adverse impact
on financial results while optimizing production at the new
facility, the risks of work stoppages associated with the
collective bargaining process, the costs and availability of
capital to fund improvements or new facilities, the success of
marketing and sales strategies and new product development, the
ability to enter new markets successfully, the price of raw
materials, and general economic and business conditions. Other
risks and uncertainties that may materially affect the company are
provided in the company’s annual report to shareholders and the
company’s periodic reports filed with the Securities and Exchange
Commission from time to time, including, without limitation,
reports on Forms 10-K and 10-Q. Please refer to these documents for
a more thorough description of these and other risk factors. There
can be no assurance that the estimated operating cash savings from
the company’s transition to the new manufacturing facility will be
realized. The company assumes no obligation to update publicly or
revise any forward-looking statements.
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