We've Got a Deal! This is Friday's Article from the CB Post. I heard about the deal with the consortium of eight companies late last night. Still looking for some electronic text.
"News for Friday, December 31, 1999
Sysco talks ongoing
By Wes Stewart
The provincial cabinet negotiated
late into the evening Thursday in
an effort to put its final stamp of
approval on the sale of Sysco to
a United States company.
“It is down to the 11th hour and
we remain committed to the
process,” Economic
Development Minister Gordon
Balser said Thursday night.
Negotiations continued to finalize
a deal which must be ratified by
cabinet, he said.
Balser, the minister responsible
for Sydney Steel, said if
negotiations are completed he
will be in Sydney today to meet
with the steelworkers union.
The premier's spokesman, Rob
Batherson, reiterated earlier
comments that an agreement had
yet to be reached.
“The steelworkers will be the
first to know,” Batherson said,
adding it is a commitment made
by Balser.
He would not confirm that a
meeting with the union executive
and a follow-up press
conference will be held today.
Unless there is a last-minute
hitch, the Reserve Group of
Akron, Ohio, is the new owner.
Hoogovens – now Corus,
through a merger this year of the
Dutch steel maker and British
Steel – is managing the plant for
the province.
Reserve Group's Internet
Website describes the company
as a privately-owned
management organization that
acquires, revitalizes, and
expands basic manufacturing
companies.
The site lists nine companies in
the portfolio, located throughout
central and mid-western United
States, whose profiles include
the manufacture of steel
products, forgings, and steel
stamped and molded products.
The Sysco board of directors
worked through Thursday to
finalize the sale.
Meanwhile, Cape Breton South
MLA Manning MacDonald said
Premier John Hamm must come
to Sydney to explain his Sysco
decision.
The former minister responsible
for the mill wants Hamm to be
accountable for election
campaign promises when he said
that while he couldn't protect
Sysco jobs he would to protect
the steelworkers.
“John Hamm made some pretty
bold statements about strong
leadership during the election
campaign,” MacDonald said.
“Clearly he must now put his
money where his mouth is and
come to Sydney. He has made
Sysco his political Waterloo at
the expense of the workforce
and the residents of Sydney.”
Whatever the outcome, Hamm
must look steelworkers in the
eye and tell them his plans
directly, MacDonald said.
“Then he will have to explain to
all Nova Scotians the true cost
of his mishandling the Sysco
file.”
Winzer |
