US: Pinnacle Foods workers ratify new contract
Pinnacle has had a run of declining earnings of late
Workers at US food group Pinnacle Foods have agreed a new four-year contract that includes a pay increase.
Around 400 workers had backed strike action last month over Pinnacle's planned pension reforms.
However, a statement from the United Food and Commercial Workers International Union (UFCW) yesterday (19 February), said workers had voted to ratify a contract that "preserves their pension plan and includes a wage increase of $1.60 to $1.80 over the term of the agreement".
"The fact that we were able to preserve retirement benefits for Pinnacle Foods workers is significant," said UFCW Local 617 president Darin Boatman. "Pensions allow workers to remain in the middle class, boost their savings rates during retirement and reinvest in our economy. This contract is not only a win for Pinnacle Foods workers, it's also a win for the surrounding communities."
Pinnacle, which also sells frozen foods under the Birds Eye brand in the US, has had a run of declining earnings of late. In November, the firm booked a drop in third-quarter profits, which were hit by charges related to restructuring and refinancing.
US food group Pinnacle Foods has predicted its planned acquisition of Unilever's Wish-Bone salad dressings business will boost sales and earnings....
- Rabobank's early view on Brexit impact on food
- Brexit sparks uncertainty for UK food - comment
- How local model protects Nestle - interview
- New food waste standard will help monitor progress
- How to win in Australian gluten-free cereal
- Brexit – Live reaction from food industry
- Nestle names new CEO
- Brexit - UK food trade body issues warning
- Brexit - Europe's food makers call result "a blow"
- Brexit - Irish food export agency sounds warning
- Top Trends in Snacks, Confectionery, and Desserts; Exploring consumer and innovation trends in key categories
- Frozen Bakery Products Market by Type, Distribution Channel, & by Region - Global Trends & Forecast to 2020
- Singapore Food and Drink Report Q3 2016
- Fast Food in India
- Country Analysis Report: Saudi Arabia, In-depth PESTLE Insights