The snack that won't die: Twinkies are back
The private equity groups that recently purchased the rights to Hostess products say they plan to have the snack cake back on store shelves by this summer.
Remember the urban legend that said Hostess Twinkies had an indefinite shelf life? While that myth has been busted, it appears the spongy snack food simply refuses to give up its place in the American culinary pantheon.
Hostess filed for bankruptcy in January of last year after a bitter labor dispute with its employees, most of whom were union members. It also shut down operations at dozens of bakeries and hundreds of outlets and distribution centers nationwide, putting more than 18,000 out of work.
But the two private equity groups, Apollo Global Management (APO) and C. Dean Metropoulos & Co., recently paid $410 million for the rights to acquire the Hostess and Dolly Madison pastry brands, as well as five plants.
The new owners are now doing business as Hostess Brands LLC. They reportedly plan to pour more than $60 million into capital investments, reopen some bakeries and have Hostess products -- including Twinkies -- back on store shelves by this summer.
According to The Wall Street Journal, the more than 1,500 workers expected to be hired by the group between now and September will be non-union. But in places like Emporia, Kan. -- home to one of the shuttered Hostess facilities -- the announcement is very good news.
"Having 250, 300 new employees coming in is a big win for the community," Emporia City Commissioner Jon Geitz told KVOE Radio. "Dolly Madison and Emporia have been good partners for nearly 40 years, and I’m glad to see that will continue in the future."
ABC News says Twinkies' new owners, who also own Pabst Blue Ribbon beer and Vlasic Pickles, plan to reopen three other bakeries -- in Columbus, Ga., Schiller Park, Ill. and Indianapolis -- in the next several months. There may also be a fifth bakery re-opened in Los Angeles.
Mexico's Grupo Bimbo (GRBMF) is hoping to fill the consumer void in the meantime by creating its own versions of Twinkies and other old-school snack cakes, reportedly before the newly revived Hostess products come back on-line.
An Article almost Identical to this....Was on MSN just a few days ago...
Is there a Managing Editor...That works with this Group or with Contributors...?
Or do they just throw out "repetitive filler" to draw a paycheck..?
Or do they think all of us are as dumb as rocks..??
"Two or three words" are all "some posters" can read...Must be morons???
1500 people(non-union) hired by September(maybe) 200-300 in Emporia, KS.
And all you could understand was "non-union"..You should be so proud of your 6th. grade education.
Get off welfare..Morons, pay taxes and buy Twinkies with your money...NOT MINE.
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[BRIEFING.COM] The headlines generally favored Tuesday being another good day for the stock market. Instead, it was just a mixed day with modest point changes on either side of the unchanged mark for the major indices.
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