Private Equity Firms, Our New Corporate Masters?
Workers returned Tuesday to the job at Stella D’oro Biscuit Co. in the Bronx after a judge ordered the company reinstate the 136 employees who had remained strong throughout a brutal 11-month strike. But before they could even walk through the doors, they were greeted with the anti-union response by the company’s private equity firm owners, the 21st century’s mutation of the robber barons: Brynwood Partners announced it would shut down operations in October. (”Private equity firms” is the euphemism those leveraged buyout corporations adopted after leveraged buyout got a bad name in the 1980s.)
Established more than 75 years ago, Stella D’oro is a nationally known maker of specialty baked goods and until recently was a family-owned business. But a series of corporate buyouts ultimately resulted in Brynwood’s 2006 purchase of the company. And a private equity firm’s only reason for existing is to make money-lots of it. Even robber barons ultimately had to ensure they had enough workers on the job because those companies made money by making things. Not so for today’s private equity firms. Closing shop and making off with the profits is what they do.
2,500 UAW Members Say ‘No’ to Health Cuts and Outsourcing—and More Bargaining News
Some 2,500 UAW members in Texas authorize a strike—and more updates here from the “Bargaining Digest Weekly.” The AFL-CIO Collective Bargaining Department delivers daily, bargaining-related news and research resources to more than 900 subscribers. Union leaders can register for this service through our website, Bargaining@Work.
WORK STOPPAGES AND JOB ACTIONS
UAW, Bell Helicopter: Some 2,500 workers at Bell Helicopter plants in the Fort Worth, Texas, area, represented by UAW Local 218, went on strike today after rejecting contract proposals that would have increased medical costs and outsourced the work of janitors.
30,000 Workers at AT&T Reject Company’s Final Offer, and More Bargaining News
Some 30,000 workers at AT&T reject what company is calling it’s final offer, and more updates from the “Bargaining Digest Weekly.” The AFL-CIO Collective Bargaining Department delivers daily, bargaining-related news and research resources to more than 900 subscribers. Union leaders can register for this service through our website, Bargaining@Work.
WORK STOPPAGES AND JOB ACTIONS
CWA, AT&T: Some 30,000 AT&T workers in five states, represented by the Communications Workers of America (CWA), have rejected what the company declared to be its ”best and final” offer to resolve a nearly three-month contract dispute. Union leaders repeatedly have said they are optimistic a deal can be reached before workers walk off the job.
