New Bakery Co. sold for $80 million
DUBLIN – Fast-food chain Wendy’s released new details regarding the sale of the New Bakery Co. in Zanesville on Wednesday, but the sale’s effect on employees won’t be known until after transitional meetings later this week.
The New Bakery carried an $80 million price tag. The restaurant chain expects proceeds after taxes to total about $50 million.
About 320 employees work at the two Zanesville plants, the majority of them at the Airport Road location. It is unknown how the sale will affect them, but Scott Donaldson, the director of human resources for New Bakery, said he sees the sale as an opportunity.
The New Bakery distributes products from Colorado to the east coast of the U.S.
“I think it’s really going to be a good thing for us as far as our growth,” Donaldson said. “We’re really excited about the opportunity to work with East Balt.”
East Balt Bakery, the Chicago-based company that purchased the bakery from Wendy’s, will assume all pension fund obligations from Wendy’s with the transfer of the company.
Wendy’s spokesman Bob Bertini said in an email that Wendy’s anticipates most New Bakery employees will join East Balt.
“We are grateful for the contributions of the New Bakery employees to the success of Wendy’s over the years,” Bertini said in the email. “We are confident that the sale will benefit Wendy’s, East Balt Bakeries and the New Bakery employees going forward.”
The bakery operation will continue to provide products to the restaurant chain. It provides specialty buns distributed throughout the Wendy’s system.
David Dvorak, executive vice president for human resources at East Balt, said he and other East Balt executives plan to meet with New Bakery executives Thursday night, then with employees Friday.
“They have a great management team over there,” Dvorak said. “We look forward to listening. It’ll be a work in progress, but we’re excited to expand.”
Dvorak said he is unsure of the timeline for transitioning employees but will know more after this week’s meetings. He said the two companies are moving quickly to complete the transition.
One Equity Partners, the private investment arm of JPMorgan Chase, acquired East Balt in 2012.
From The Times Recorder | June 3, 2015