B&G Foods Announces Reduction in Workforce
23 October 2008 - 7:45AM
Business Wire
B&G Foods, Inc. (NYSE: BGS, BGF), a manufacturer and
distributor of high quality, shelf-stable foods, announced today
that it has begun implementing a reduction in workforce that will
reduce the Company�s workforce by approximately 7.5%. On a pre-tax
basis, B&G Foods expects that the reduction in workforce will
save the Company an estimated $3.7 million on an annualized basis.
The Company expects to record severance and termination charges of
approximately $0.8 million in the fourth quarter of 2008.
Substantially all of these charges will result in cash payments.
These payments will be made during the remainder of 2008 and in
2009. David L. Wenner, President and Chief Executive Officer of
B&G Foods stated, �We have been operating in one of the most
challenging economic environments in the history of our Company.
Although this was a very difficult decision, it was necessary in
order to maintain the stability of our operating results for the
remainder of 2008 and 2009. We have also been making every effort
to raise prices and institute non-personnel related cost savings,
but unfortunately the unprecedented cost increases we have
experienced this year and expect to face next year required this
action.� B&G Foods also announced the resignation of Albert J.
Soricelli, the Company�s Executive Vice President of Marketing and
Strategic Planning. Vanessa E. Maskal, currently the Company�s
Executive Vice President of Sales, will assume Mr. Soricelli�s
marketing responsibilities and her new title will be Executive Vice
President of Sales and Marketing. �Mr. Soricelli has been an
important member of our management team for over eight years,� said
Mr. Wenner. �During that time, the Company made four acquisitions
and signed an important licensing agreement with Emeril Lagasse.
Mr. Soricelli played a key role in each transaction and, as
Executive Vice President of Marketing, was instrumental in our
success at reviving the acquired brands. Mr. Soricelli was also an
important participant in the Company�s public offerings of EISs and
separately held Class A Common Stock. His contributions to the
Company are greatly appreciated.� About B&G Foods, Inc. B&G
Foods and its subsidiaries manufacture, sell and distribute a
diversified portfolio of high-quality, shelf-stable foods across
the United States, Canada and Puerto Rico. B&G Foods� products
include hot�cereals, fruit spreads, canned meats and beans, spices,
seasonings, marinades, hot sauces, wine vinegar, maple syrup,
molasses, salad dressings, Mexican-style sauces, taco shells and
kits, salsas, pickles, peppers and other specialty food products.
B&G Foods competes in the retail grocery, food service,
specialty, private label, club and mass merchandiser channels of
distribution. Based in Parsippany, New Jersey, B&G Foods�
products are marketed under many recognized brands, including
Ac�cent, B&G, B&M, Brer Rabbit, Cream of Rice, Cream of
Wheat, Emeril�s, Grandma�s Molasses, Joan of Arc, Las Palmas, Maple
Grove Farms of Vermont, Ortega, Polaner, Red Devil, Regina, Sa-s�n,
Trappey�s, Underwood, Vermont�Maid and Wright�s. Forward-Looking
Statements Statements in this press release that are not statements
of historical or current fact constitute �forward-looking
statements.� The forward-looking statements contained in this press
release include without limitation statements related to the
estimated annualized cost savings we expect as a result of the
reduction in workforce and the estimated severance and termination
charges we expect to incur in the fourth quarter. Such
forward-looking statements involve known and unknown risks,
uncertainties and other unknown factors that could cause the actual
results of B&G Foods to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements that
explicitly describe such risks and uncertainties readers are urged
to consider statements labeled with the terms �believes,� �belief,�
�expects,� �intends,� �anticipates� or �plans� to be uncertain and
forward-looking. The forward-looking statements contained herein
are also subject generally to other risks and uncertainties that
are described from time to time in B&G Foods� filings with the
Securities and Exchange Commission, including under Item 1A, �Risk
Factors� in our Annual Report on Form 10-K for fiscal 2007 filed on
March 6, 2008. We undertake no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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