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Nabisco Shuts Its Chicago Oreo Cookie Factory, Moves to Mexico
Irene Rosenfeld
Chairman and CEO, Mondelez International
$13,994,780
Salary: $1,587,500
Bonus: $0
Stock awards: $8,314,229
Options awards: $2,093,477
Total non-equity incentive pay: $1,663,000
Change in pension value: $0
Other pay: $336,574
Perks included in other pay: Personal use of company aircraft ($144,939), car expenses ($23,636), employer match on savings plan ($167,999).
Photo: Irene Rosenfeld during the annual meeting of the Clinton Global Initiative (CGI) in New York in September 2012. (Jin Lee/Bloomberg file photo
y Dean Reynolds CBS News March 11, 2016, 6:51 PM
Outsourcing Oreos becomes a campaign issue
CHICAGO -- In ten days, Michael Smith will lose his $25-an-hour union job at the Chicago plant that makes one of America's favorite snacks: the Oreo. He tells CBS News the company did not give the 600 workers who will be laid off an explanation.
He's in the first wave of layoffs as Nabisco, owned by Mondelez International, shifts Oreo production to a more modern facility in Salinas, Mexico -- a $46 million annual savings for Mondelez, which had $30 billion in revenue last year.
In a world where outsourcing and downsizing are commonplace, shifting hundreds of jobs abroad would not ordinarily be front page news -- except for this: the Oreo has become a campaign issue.....
http://www.cbsnews.com/news/outsourcing-oreos-becomes-a-campaign-issue/
Outsourcing Oreos becomes a campaign issue
CHICAGO -- In ten days, Michael Smith will lose his $25-an-hour union job at the Chicago plant that makes one of America's favorite snacks: the Oreo. He tells CBS News the company did not give the 600 workers who will be laid off an explanation.
He's in the first wave of layoffs as Nabisco, owned by Mondelez International, shifts Oreo production to a more modern facility in Salinas, Mexico -- a $46 million annual savings for Mondelez, which had $30 billion in revenue last year.
In a world where outsourcing and downsizing are commonplace, shifting hundreds of jobs abroad would not ordinarily be front page news -- except for this: the Oreo has become a campaign issue.....
http://www.cbsnews.com/news/outsourcing-oreos-becomes-a-campaign-issue/
.....Irene Rosenfeld, the head of Mondolez (the food conglomerate based in Illinois that has Nabisco in its portfolio), a woman touted for breaking the glass ceiling upon becoming the head of Kraft Foods and then its spin off, announced that rather than invest $130 million in modernizing the plant in Chicago, where Oreos have been lovingly produced for the past 100 years, she will instead move the jobs to a new factory in Mexico. The result: a loss of 600 well-paying and community-sustaining jobs on Chicago’s Southwest Side.
rather than invest $130 million in modernizing the plant in Chicago, where Oreos have been lovingly produced for the past 100 years, she will instead move the jobs to a new factory in Mexico. The result: a loss of 600 well-paying and community-sustaining jobs on Chicago’s Southwest Side.
snip
......Rosenfeld’s report to shareholders in which she touted the upward trajectory of the company’s profits through cutting back on procurement and customer service and her plans to make it even more profitable by a restructuring that would realize a gain of $1.5 billion for stockholders.
snip
It might have been reading the very next day that Rosenfeld was now being feted as the first woman to join the “20 Club,” those Illinois CEOS who are paid more than $20 million a year. Rosenfeld was paid $21 million in 2014 alone.
Or perhaps, in a city beset by financial woes, it was contemplating the impact of 600 more unemployed people, who had, only weeks ago, represented a well-paid diverse workforce of Latinos, African Americans and whites whose skills and union had earned them a sustainable salary of as much as $26 an hour.
snip
The last 20 years—from the changes in tax laws of Bill Clinton’s regime through the terrible and costly years of George W. Bush—have favored massive increases in corporate profits with American workers and taxpayers paying the bills and the price
rather than invest $130 million in modernizing the plant in Chicago, where Oreos have been lovingly produced for the past 100 years, she will instead move the jobs to a new factory in Mexico. The result: a loss of 600 well-paying and community-sustaining jobs on Chicago’s Southwest Side.
snip
......Rosenfeld’s report to shareholders in which she touted the upward trajectory of the company’s profits through cutting back on procurement and customer service and her plans to make it even more profitable by a restructuring that would realize a gain of $1.5 billion for stockholders.
snip
It might have been reading the very next day that Rosenfeld was now being feted as the first woman to join the “20 Club,” those Illinois CEOS who are paid more than $20 million a year. Rosenfeld was paid $21 million in 2014 alone.
Or perhaps, in a city beset by financial woes, it was contemplating the impact of 600 more unemployed people, who had, only weeks ago, represented a well-paid diverse workforce of Latinos, African Americans and whites whose skills and union had earned them a sustainable salary of as much as $26 an hour.
snip
The last 20 years—from the changes in tax laws of Bill Clinton’s regime through the terrible and costly years of George W. Bush—have favored massive increases in corporate profits with American workers and taxpayers paying the bills and the price
http://inthesetimes.com/working/entry/18259/oreos-union-busting
16 replies
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= new reply since forum marked as read
Definitely more trade deals are needed
