FORMER SEAGRAMS DISTILLERY HIT WITH LAYOFFS
After a false report surfaced in April that Pernod would lay off 405 employees at the former Seagram Distillery in Lawrenceberg, the outcome has been largely up in the air. A story last week in the Cincinnati Business Courier reports that the distillery’s new owner, CL Financial, will release 270 employees and offer reduced wages and benefit packages, according to union and company officials.
BACKGROUND CHECK. Pernod is scheduled to complete its sell of the Lawrenceberg facility to CL Financial Group (parent company to CL World Brands) at the end of June after originally planning for a complete shutdown. Newspapers in April were saying that CL Financial would lay off up to 405 employees once they gained ownership, but Pernod denied those claims.
The rumor was apparently sparked once Pernod filed a WARN notice with the State of Indiana, which the company said “was done to comply with the legal requirements regarding workforce notification for shutdown or sale of a single facility, and is not indicative of CL's hiring plans.”
Now, the number of layoffs has shrunk from 405 employees to 270.
The tentative list of assets to be sold to CL Financial includes the Lawrenceburg distillery, bulk warehouse, bottling plant and finished goods warehouse, as well as the Rushville Grain Elevator.
The agreement provides for the continuation of Seagram’s Gin distilling and mellowing at the Lawrenceburg facility under the supervision of Angostura. As previously planned, all bottling for Seagram’s Gin and Wild Turkey would move to Pernod Ricard USA’s facility in Fort Smith, Arkansas.
IN OTHER CL FINANCIAL NEWS, the company announced last week it has agreed to give historic shareholders in Belvedere the option to buyback its stake for 345 million euros. Belvedere has until July 31 to provide payment guarantees that the buyback will be made by Sept 30.
BACKGROUND CHECK. Pernod is scheduled to complete its sell of the Lawrenceberg facility to CL Financial Group (parent company to CL World Brands) at the end of June after originally planning for a complete shutdown. Newspapers in April were saying that CL Financial would lay off up to 405 employees once they gained ownership, but Pernod denied those claims.
The rumor was apparently sparked once Pernod filed a WARN notice with the State of Indiana, which the company said “was done to comply with the legal requirements regarding workforce notification for shutdown or sale of a single facility, and is not indicative of CL's hiring plans.”
Now, the number of layoffs has shrunk from 405 employees to 270.
The tentative list of assets to be sold to CL Financial includes the Lawrenceburg distillery, bulk warehouse, bottling plant and finished goods warehouse, as well as the Rushville Grain Elevator.
The agreement provides for the continuation of Seagram’s Gin distilling and mellowing at the Lawrenceburg facility under the supervision of Angostura. As previously planned, all bottling for Seagram’s Gin and Wild Turkey would move to Pernod Ricard USA’s facility in Fort Smith, Arkansas.
IN OTHER CL FINANCIAL NEWS, the company announced last week it has agreed to give historic shareholders in Belvedere the option to buyback its stake for 345 million euros. Belvedere has until July 31 to provide payment guarantees that the buyback will be made by Sept 30.
posted at 1:43 PM
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