Snack Foods Limited
Encyclopedia
Snack Foods Limited is an Australian snack food company and was officially formed on 25 November 1999, and was owned by the Campbell Soup Company
's Australian subsidiary, Arnott's Biscuits Holdings
Pty Ltd. Snack Foods Limited owns one of Australia's largest salted snack food companies, Snack Brands Australia
. In April 2008, Campbell Arnott's sold Arnott’s Snackfoods to The Real McCoy Snackfood Co and the company is now known as Snack Brands Australia.
, it is entitled to acquire the remaining outstanding shares regardless of whether they are tendered into the offer. The total takeover cost approximately $255 million and each shareholder
received a dividend
of 2.5 cents per share from Snack Foods Limited.
Snack Foods Limited had approximately $125 million (USD) in sales in 2001, and has constantly grown 8% annually since.
With Arnott's acquisition of Snack Foods Limited it become Australia’s second largest producer of Australian salty snack foods.
verdict was used to resolve an industrial dispute despite the existence of specialist industrial courts.
In early 1985 award negotiations broke down between the Victorian branch of Dollar Sweets and the Confectionery Workers Union, over the issue of a 36-hour working week and a requirement that workers sign a no-strike agreement. A number of workers were sacked during negotiations, and the Union immediately set up a picket line. The picket line remained for 143 days, with the company refusing to reinstate the workers and seeking common law damages against the union. A number of bomb and arson threats were made against Dollar Sweets and one strike-breaking driver was assaulted and his truck vandalised.
Dollar Sweets was represented in the Victorian Supreme Court by Melbourne barrister Peter Costello
and the case was financed by the Victorian Chamber of Commerce. The company alleged union interference with contractual relations, intimidation, nuisance, and a conspiracy to injure the plaintiff and sought an injunction and punitive damages. The ACTU
also publicly condemned the strike action, saying the CWU’s 36-hour claim was "outside the Accord".
In December 1985 Victorian Supreme Court Justice Peter Murphy gave judgment, describing the picketing as "stupid and nihilistic." He ruled that this was not a "lawful form of picketing, but a... nuisance involving obstruction, harassment, and besetting". It was beside the point that there were specialist courts for industrial disputes. "This court is not without power ... and should intervene". He issued an interlocutory injunction against the picket, and ordered the union to pay $175,000 in damages.
Campbell Soup Company
Campbell Soup Company , also known as Campbell's, is an American producer of canned soups and related products. Campbell's products are sold in 120 countries around the world. It is headquartered in Camden, New Jersey...
's Australian subsidiary, Arnott's Biscuits Holdings
Arnott's Biscuits Holdings
Arnott's Biscuits Holdings , is a subsidiary of the Campbell Soup Company of the United States.In Australia Arnott's is the largest producer of biscuits and the second-largest supplier of snack food.-History:...
Pty Ltd. Snack Foods Limited owns one of Australia's largest salted snack food companies, Snack Brands Australia
Snack Brands Australia
Snack Brands Australia is one of the largest suppliers of snack foods in Australia and acts as the main competitor to PepsiCo's subsidiary The Smith's Snackfood Company...
. In April 2008, Campbell Arnott's sold Arnott’s Snackfoods to The Real McCoy Snackfood Co and the company is now known as Snack Brands Australia.
Background
Snack Foods Limited was formerly known as Dollar Sweets Holding Limited until it changed its name on 25 November 1999. Campbell announced its intent to acquire Snack Foods Limited on 4 June 2002, and offered A$2.00 per share, acquiring over 90% of the company. Under Australian corporate law, once a company acquires 90% of a public companyPublic company
This is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
, it is entitled to acquire the remaining outstanding shares regardless of whether they are tendered into the offer. The total takeover cost approximately $255 million and each shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
received a dividend
Dividend
Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business , or it can be distributed to...
of 2.5 cents per share from Snack Foods Limited.
Snack Foods Limited had approximately $125 million (USD) in sales in 2001, and has constantly grown 8% annually since.
With Arnott's acquisition of Snack Foods Limited it become Australia’s second largest producer of Australian salty snack foods.
Dollar Sweets court case
In 1985 there was a landmark Supreme Court case involving Dollar Sweets. The case represented a rare occasion in which a common lawCommon law
Common law is law developed by judges through decisions of courts and similar tribunals rather than through legislative statutes or executive branch action...
verdict was used to resolve an industrial dispute despite the existence of specialist industrial courts.
In early 1985 award negotiations broke down between the Victorian branch of Dollar Sweets and the Confectionery Workers Union, over the issue of a 36-hour working week and a requirement that workers sign a no-strike agreement. A number of workers were sacked during negotiations, and the Union immediately set up a picket line. The picket line remained for 143 days, with the company refusing to reinstate the workers and seeking common law damages against the union. A number of bomb and arson threats were made against Dollar Sweets and one strike-breaking driver was assaulted and his truck vandalised.
Dollar Sweets was represented in the Victorian Supreme Court by Melbourne barrister Peter Costello
Peter Costello
Peter Howard Costello AC is an Australian politician and lawyer who served as the Treasurer in the Australian government from 1996 to 2007. He is the longest-serving Treasurer in Australian history. Costello was a Member of the Australian House of Representatives from 1990 to 2009, representing...
and the case was financed by the Victorian Chamber of Commerce. The company alleged union interference with contractual relations, intimidation, nuisance, and a conspiracy to injure the plaintiff and sought an injunction and punitive damages. The ACTU
Australian Council of Trade Unions
The Australian Council of Trade Unions is the largest peak body representing workers in Australia. It is a national trade union centre of 46 affiliated unions.-History:The ACTU was formed in 1927 as the "Australian Council of Trade Unions"...
also publicly condemned the strike action, saying the CWU’s 36-hour claim was "outside the Accord".
In December 1985 Victorian Supreme Court Justice Peter Murphy gave judgment, describing the picketing as "stupid and nihilistic." He ruled that this was not a "lawful form of picketing, but a... nuisance involving obstruction, harassment, and besetting". It was beside the point that there were specialist courts for industrial disputes. "This court is not without power ... and should intervene". He issued an interlocutory injunction against the picket, and ordered the union to pay $175,000 in damages.