Diageo shuts down Menlo Park plant to raid employee pensions
Thread Starter
Registered User
iTrader: (5)
Joined: Jul 2004
Posts: 4,301
From: San Jose, CA
Car Info: http://kiva.org/invitedby/brett4254
Diageo shuts down Menlo Park plant to raid employee pensions
Diageo - one of the world's largest alcohol producers has decided to shut down their 60 year old Menlo Park Bottling Plant.
Diageo who turned $2.5 Billion in profits last year is claiming that this is an attempt to save on shipping costs.
The real story is that Diageo wanted to raid the employee pension fund at the plant (which was originally owned by Heublein).
From a local ILWU union rep:
Diageo At Menlo Park California
130 people out of work because Diageo are a bunch of greedy *******s.
I for one will no longer be buying any Diageo brands. I ask you to boycott
Diageo who turned $2.5 Billion in profits last year is claiming that this is an attempt to save on shipping costs.
The real story is that Diageo wanted to raid the employee pension fund at the plant (which was originally owned by Heublein).
From a local ILWU union rep:
When we were negotiating our Master Contact the issue of our pension came up. There was an overflow in the funding of about 50 million dollars. Diageo asked us if they could have it. We said no to them because they offered very little in return for it. That pension was funded by Heublein for Heublein workers only. Menlo Park is the only Heublein plant left. Diageo has never funded that pension since they took over. That over funding belongs to the Menlo Park Plant only. It has been said the only way Diageo can get the over funding is to shut down the Menlo Park plant and if they shut down they do not have to ask us for the funding.
130 people out of work because Diageo are a bunch of greedy *******s.
I for one will no longer be buying any Diageo brands. I ask you to boycott
- Crown Royal
- Jonnie Walker
- J&B
- Winsor Premier
- Buchanan's
- Bushmills
- Smirnoff
- Ketel One
- Ciroc
- Baileys
- Captain Morgan
- José Cuervo
- Tanqueray
- Guinness
- Harp Lager
- Kilkenny
- Smithwick's Ale
- Tusker Lager
- Red Stripe Lager
- Satzenbrau
- Senator Keg
- Windhoek Lager
- Bertrams VO
- Hennessy
- Gordon's Gin
Registered User
iTrader: (2)
Joined: Sep 2007
Posts: 1,569
From: Discovery Bay, CA
Car Info: Evo X GSR, F250 Powerstroke Diesel
"He guys, you know that 50 million extra you got in your pension? Can we have that? Please?"
This is pretty damn sad, but the crappy thing about a company only paid pension is that it can go away at ANY time, its not like a 401k that is yours. Now if the employees also pay into the pension it is theirs.
Thats why I don't hold any value of my pension in my mind for retirement, 401k or IRA only. Sad thing is this is not the first or the last of something like this. Folks need to be realistic that they could lose their job tomorrow, and have a worst case scenario plan. Too many of the folks at my work say "Ah **** man, this place will be around forever you don't have to worry" But this is CA where it is a HORRIBLE place for companies to make money due to the high rates of tax and strict laws. Thats why we need to have real marketable skills, not "management" skills, bosses are a dime a dozen.
This is pretty damn sad, but the crappy thing about a company only paid pension is that it can go away at ANY time, its not like a 401k that is yours. Now if the employees also pay into the pension it is theirs.
Thats why I don't hold any value of my pension in my mind for retirement, 401k or IRA only. Sad thing is this is not the first or the last of something like this. Folks need to be realistic that they could lose their job tomorrow, and have a worst case scenario plan. Too many of the folks at my work say "Ah **** man, this place will be around forever you don't have to worry" But this is CA where it is a HORRIBLE place for companies to make money due to the high rates of tax and strict laws. Thats why we need to have real marketable skills, not "management" skills, bosses are a dime a dozen.
Thanks for the heads up. I don't really drink any of those brands anyway, but I'll now go out of my way to make sure that I don't in the future. I'm sure the Union will bring a lawsuit.
o well lol
VIP Member
iTrader: (17)
Joined: May 2005
Posts: 22,776
From: Sunnyvale, CA
Car Info: '13 BRZ Limited / '02 WRX
VIP Member
iTrader: (17)
Joined: May 2005
Posts: 22,776
From: Sunnyvale, CA
Car Info: '13 BRZ Limited / '02 WRX
plays well with others
iTrader: (1)
Joined: Aug 2006
Posts: 9,923
From: Sac
Car Info: your mother crazy
130 people out of work because Diageo are a bunch of greedy *******s.
I for one will no longer be buying any Diageo brands. I ask you to boycott
I for one will no longer be buying any Diageo brands. I ask you to boycott
- Crown Royal
- Jonnie Walker
- J&B
- Winsor Premier
- Buchanan's
- Bushmills
- Smirnoff
- Ketel One
- Ciroc
- Baileys
- Captain Morgan
- José Cuervo
- Tanqueray
- Guinness
- Harp Lager
- Kilkenny
- Smithwick's Ale
- Tusker Lager
- Red Stripe Lager
- Satzenbrau
- Senator Keg
- Windhoek Lager
- Bertrams VO
- Hennessy
- Gordon's Gin
I dont always bust unions, but when I do, I'm drunk on
- Crown Royal
- Jonnie Walker
- J&B
- Winsor Premier
- Buchanan's
- Bushmills
- Smirnoff
- Ketel One
- Ciroc
- Baileys
- Captain Morgan
- José Cuervo
- Tanqueray
- Guinness
- Harp Lager
- Kilkenny
- Smithwick's Ale
- Tusker Lager
- Red Stripe Lager
- Satzenbrau
- Senator Keg
- Windhoek Lager
- Bertrams VO
- Hennessy
- Gordon's Gin
Its called fiduciary responsibility. The business has a legal obligation to maximize shareholder value. Paying someone $30/hr to stand there while a machine puts liquid into a bottle sounds like an inefficient business practice to me. If you hate capitalism you could always expatriate to Switzerland or something. Also: thanks for a link to such an unbiased news source.
I like Teq, good thing there is only one on the list!