Snack Foods Limited
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Snack Foods Limited is an Australian snack food company and was officially formed on the 25 November 1999, and is owned by the Campbell Soup Companys Australian subsidiary, Arnott's Biscuits Holdings Pty Ltd. Snack Foods Limited owns one of Australians largest salted snack food companies, Snack Brands Australia.
[edit] Background
Snack Foods Limited was formerly known as Dollar Sweets Holding Limited until it changed its name on the 25 November 1999. Campbell announced its intent to acquire Snack Foods Limited on 4 June 2002, and offered $2.00 (AUD) per share acquiring over 90% of the company. Under Australian corporate law, once a company acquires 90 percent of a public company, it is entitled to acquire the remaining outstanding shares regardless of whether they are tendered into the offer. The total take over was costed approximately $255 million and each shareholders 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 has become Australia’s second largest producer of Australian salty snack foods.
[edit] Dollar Sweets court case
In the mid-1980s, there was a landmark court case involving Dollar Sweets. The court case, based upon common law rather than industrial relations law, resolved an industrial relations matter.
The following is from http://www.anu.edu.au/polsci/marx/interventions/law.htm
In 1985 in Victoria, Dollar Sweets sacked some workers who wouldn’t sign no a strike agreement. The Confectionery Workers Union (CWU) picketed Dollar Sweets for 143 days in support of their 36-hour week claim, and for reinstatement of the sacked workers. The bosses sued in the Victorian Supreme Court, alleging "torts of interference with contractual relations, torts of intimidation, torts of nuisance, and conspiracy to injure the plaintiff", and sought injunctions and common law damages.
In December 1985 Victorian Supreme Court Justice Peter Murphy gave judgment, describing the effective picketing as "stupid and nihilistic acts", and quoted Mason J: "At common law, picketing is ... a nuisance and unlawful ... if it involves obstruction and besetting". He ruled the picket was not a "lawful form of picketing, but a ... nuisance involving obstruction, harassment, and besetting". It is beside the point, said Murphy J, that there are specialist arbitral 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 damages.
Peter Costello, who subsequently became federal Treasurer, claims to have made his name in this case.
The ACTU publicly condemned the CWU, saying the CWU’s 36-hour claim was "outside the Accord". Threatened with jail, CWU workers lifted the picket.
In 1988 the Union agreed to pay damages of $175,000.
