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As of 8:10 PM 12/31/14 All times are local (Market data is delayed by at least 15 minutes).

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06/12/14 - $0.0035
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pennexx foods inc (PNNX) Details

Pennexx Foods, Inc. prepares case-ready meat for distribution to food retailers in the central and northeastern United States. The company cuts, packages, processes, and delivers case-ready beef, pork, lamb, and veal. Pennexx delivers products through independent trucking fleets. Pennexx' products are sold at approximately 900 retail locations. The company sells regularly to fewer than 15 supermarket and price club chains. The company competes with Excel, a subsidiary of Cargill, Incorporated.

269 Employees
Last Reported Date: 04/1/03
Founded in 1999

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pennexx foods inc (PNNX) Key Developments

Pinnacle Reportedly Close To Acquire Ragu Brand

Pinnacle Foods Inc. (NYSE:PF) is reportedly the front runner in the $2 billion sale of Ragu brand by Unilever NV (ENXTAM:UNA). Unilever’s Ragu could be paired with Hormel Foods Corporation (NYSE:HRL) and The J. M. Smucker Company (NYSE:SJM) prepare for an auction of the pasta sauce, people with knowledge of the matter said. Also considering a bid for Ragu are The Hillshire Brands Company (NYSE:HSH); Pennexx Foods Inc. (OTCPK:PNNX); Mizkan Co., Ltd.; and Post Holdings, Inc. (NYSE:POST) , the people said, asking not to be identified as the information is private. With first round bids for Ragu, which may fetch as much as $2 billion, due at the end of next week, all of the potential buyers have contacted banks to discuss their interest, the people said. According to Blolomberg, Jaime Stein, a spokeswoman for Unilever, declined to comment on the Ragu sale as did representatives for Hormel, Smucker and Pinnacle. Spokesmen for Hillshire, Post and Mizkan Americas did not reply to e-mail messages or phone calls seeking comment.

Pennexx Foods Inc. Workers in Fort Madison Ratify New Contract

Pennexx Foods Inc. workers in Fort Madison, a majority of who are represented by the United Food and Commercial Workers Union (UFCW) Local 617, voted on February 14, to ratify a new four-year contract that preserves their pension plan and includes a wage increase of $1.60 to $1.80 over the term of the agreement. Earlier in January, Pinnacle Foods workers voted to authorize a strike to protest the company's plan to eliminate their pension plans. The new contract covers over 450 Pinnacle Foods workers in the Fort Madison plant, which manufactures canned food products, including Vienna sausages, Armour brand corned beef hash, beef stew and chili.

Union Workers at Pinnacle Foods in Fort Madison Reject Contract Offer by Wide Margin

Union workers at Pinnacle Foods in Fort Madison have rejected a new contract proposal by an overwhelming margin. Two-thirds of the members of UFCW Local 617 voted against the contract offer by the company. Initially, Pinnacle Foods threatened to take away pensions and increase health care costs for all of the 431 union members. Then union members voted to strike before they'd let that happen. On January 18, 2013 the union and company reached a tentative agreement with the union that included a pension plan at a lower rate. Health care premiums would have risen sharply if union members approved the plan. The union plans to keep negotiating with the company as long as the company is willing, a strike would be a last resort.


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PNNX Competitors

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Company Last Change
Campbell Soup Co $46.45 USD -0.25
ConAgra Foods Inc $36.56 USD -0.20
General Mills Inc $54.59 USD +0.03
Nestle SA SFr.69.20 CHF +0.80
JM Smucker Co/The $106.15 USD -0.34
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