The MTD-affiliated Bakery, Confectionery, Tobacco Workers and Grain Millers Union (BCTGM) is expressing cautious optimism about the recent sale in federal bankruptcy court of iconic Hostess food snack brands to Apollo Global Management and Metropoulous & Co, with the bread labels going to Flower Foods.
Valued at $410 million, the deal with Apollo Global and Metropoulous involves such American classics as Twinkies, Ding Dongs and Ho Hos. Metropoulous announced it wants to return these items to store shelves by summer. Flowers will be taking control of such well-known bread lines as Nature’s Pride, Butternut, Home Pride and Merita. That deal is worth $360 million. (Additionally, a separate deal with Beefsteak, a regional bread giant, was struck with Grupo Bimbo for $31.9 million.)
Referring to the strike at Hostess and the ensuing bankruptcy filing, BCTGM President David Durkee praised his members: “Throughout this arduous process, our membership has believed that the key to these brands’ survival was strong, new ownership and a sustainable business model. Indeed, new ownership has signaled a clear intent to accelerate this process and return products back to the shelves as soon as this summer. We share the enthusiasm, energy and passions exhibited by new ownership, and believe our highly-motivated and skilled workforce will serve as indispensable partners in the seamless re-opening of factories.”
Durkee added, “In this way, new ownership can proudly demonstrate their commitment to preserving middle-class jobs while delivering on their promise to consumers.”