Hostess Brands announced yesterday it struck a $410 million deal with
two investment firms to turnaround the company that bankrupted last
year and took Twinkies and Ding Dongs off the shelves, costing thousands of jobs.
Global Management and Metropoulos & Company, which owns Pabst Blue
Ribbon and Vlasic pickles, won the bid for Hostess Brands on Monday and say they hope to have the snacks back on store shelves
by summer. Five Hostess factories are included in the sale.
“We look forward to discussing opportunities for our members with new
ownership, and add value to the revival of these products,” David
Durkee, the president of the Bakery, Confectionery, Tobacco Workers and
Grain Millers International Union, said in a statement.
Hostess Brands went out of business in November more than 18,000 workers
nationwide were set to lose their jobs, including 1,415 workers in Illinois
factories in Peoria, Schiller Park and Hodgkins.
“There’s a great
consumer fan base that hasn’t declined,” Daren Metropoulos, an executive
at Metropoulos & Company, said to The New York Times. “We saw a real opportunity to revitalize these brands, just with some T.L.C.”