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[[Image: | [[Image:Golden Flake logo.png|right|225px]] | ||
'''Golden Flake Snack Foods''' | '''Golden Flake Snack Foods''' (NASDAQ:GLDC) was a [[Birmingham]]-based [[List of large manufacturers|manufacturer]] of potato chips, crackers, nuts and other snack foods, with its headquarters and main production facility located at 1 [[Golden Flake Drive]] in [[North Titusville]], on the former site of the [[Alice Furnace]]. | ||
Its 200 sizes and varieties of products were sold across a 12-state area. The company's Chairman, President and CEO is [[Mark McCutcheon]]. For the fiscal year ending in May [[2013]], the company, which had over 1,000 employees, reported net sales of $137 million. | |||
In [[2016]] Golden Enterprises was acquired by the privately-owned Utz Quality Foods of Hanover, Pennsylvania for $141 million, or $12 per share plus $7 million in retired debt. Utz CEO Dylan Lissette indicated that the brand would continue to operate as a wholly-owned subsidiary, similar to the way it operated the Zapp's brand from Louisiana, which it acquired in [[2011]]. | |||
Utz closed the Birmingham production plant in July [[2023]], laying off 175 of its 275 area employees. The remaining workers continued to work in distribution. | |||
==History== | ==History== | ||
Golden Flake began in [[1923]] as '''Magic City Foods''' in the basement of the original [[Hill's Food Stores|Hill's]] grocery store in downtown Birmingham. | Golden Flake began in [[1923]] as '''Magic City Foods''' in the basement of the original [[Hill's Food Stores|Hill's]] grocery store in downtown Birmingham. The business, founded by [[Mose Lischkoff]] and [[Frank Mosher]], sold roasted peanuts, peanut butter cracker sandwiches and home-made horseradish. Sales took off, especially for their "Golden Flake" potato chips, and the owners expanded to keep pace with demand. | ||
One early employee was [[Helen Friedman]], who served as a spokesmodel, dubbed the "Golden Flake Girl". She and her mother were impressed by the business and bought out Lischkoff's share. In [[1928]] she became Mosher's wife. They had a rocky marriage and, when the divorce proceedings concluded, Friedman found herself the owner of Magic City Foods. | |||
Under Friedman's ownership, which spanned the [[Great Depression]], the company continued to grow, with sales across North Alabama reaching $750,000 per year shortly after [[World War II]]. She sold the company in [[1946]] to [[Leo E. Bashinsky]] and his brother-in-law [[Cyrus Case]]. | |||
In [[1956]], Leo's son [[Sloan Bashinsky Sr]] bought Magic City Foods from his father and uncle. He changed the name to "Golden Flake" a year later and, in [[1958]] moved the production facility to North Titusville. In [[1963]] he oversaw the acquisition of Don's Foods, a Nashville, Tennessee-based snack producer and distributor. The two companies combined their operations in [[1966]]. Bashinsky's friendship with [[Alabama Crimson Tide football]] coach [[Bear Bryant]] secured Golden Flake a favored spot right beside Coca-Cola on Bryant's weekly television program. | |||
Bashinsky took the company public in [[1968]] and used the capital to diversify. He purchased [[Steel City Bolt & Screw]], [[Nall & Associates]], and smaller real-estate and insurance companies. At the same time, sales of Golden Flake products continued to grow, from $3 million in annual sales in the late 1950s to $50 million in the late 1970s. | |||
[[Image:Golden Enterprises logo.png|right|125px]] | |||
In [[1977]], Bashinsky created '''Golden Enterprises, Inc.''', a holding company for the fully-diversified business. '''Golden Flake Snack Foods, Inc.''' became a wholly-owned subsidiary. The real-estate and insurance businesses were sold off later that year. | |||
In the 1980s, Golden Flake expanded into new territory across the South and completed construction of a second production facility in Ocala, Florida in [[1984]]. Sales increased to the $100 million mark as the company kept close tabs on the research and marketing done by the global giant Frito-Lay. The move into Florida proved costly as Golden Flake found itself in the middle of a war being fought by Frito-Lay and Anheuser-Busch's Eagle Snacks brand. Earnings drooped into the early 1990s as Bashinsky retired and handed the company to veteran employee [[John Stein]], who served as Chairman until retiring in [[2010]]. | |||
Golden Flake | |||
Stein prioritized the company's core business, divesting Golden Enterprises of Steel City Bolt & Screw and Nall & Associates in [[1995]]. Low expenses kept earnings relatively sound. Known for its community involvement, Golden Flake currently sponsors NASCAR races at [[Talladega Superspeedway]], [[SEC]] athletics, [[Auntie Litter]] events, and the [[Rick & Bubba Show]]. In [[2009]] Golden Flake sponsored "[[Bear Country]]", a stage play based on Coach Bryant's career. | |||
Golden | |||
In [[2009]], Golden Flake withstood the snack food peanut butter recall because its snacks were not made from the recalled products. | In [[2009]], Golden Flake withstood the snack food peanut butter recall because its snacks were not made from the recalled products. For years, the company was the South's leading seller of fried pork skins. | ||
==References== | ==References== | ||
* Jarvis, Crystal (January 20, 2009) "Golden Flake's crackers not part of recall." ' | * Behar, Richard (May 20, 1985) "Copycat." ''Forbes'' magazine | ||
* ''International Directory of Company Histories.'' Vol. 26 (1999) Farmington Hills, Michigan: St James Press ISBN 155862385X | |||
* O'Donnell, Joe (2007) ''The Forge: Metal to Medicine: Birmingham's Business History.'' Birmingham: Birmingham Regional Chamber of Commerce/American Printing ISBN 0974137413 | |||
* Jarvis, Crystal (January 20, 2009) "Golden Flake's crackers not part of recall." {{BBJ}} | |||
* Azok, Dawn Kent (October 28, 2013) "How many potatoes are in a bag of Golden Flake chips and other snack food trivia" {{BN}} | |||
* Azok, Dawn Kent (October 28, 2013) "What's the best-selling snack food for Golden Flake? The answer may surprise you." {{BN}} | |||
* Poe, Kelly (July 19, 2016) "Utz to buy Golden Flake." {{BN}} | |||
* Thornton, William (April 26, 2023) "Utz closing Birmingham Golden Flake factory, laying off 175." {{AL}} | |||
* Parker, Illyshia (April 8, 2024) "Golden Flake facility trades hands for $6M, multimillion-dollar project planned." {{BBJ}} | |||
==External links== | ==External links== | ||
* [http://newsite.goldenflake.com/history.html | * [http://newsite.goldenflake.com/history.html Golden Flake] website | ||
[[Category:Golden Flake Drive]] | [[Category:Golden Flake Drive]] | ||
[[Category:Food industry]] | [[Category:Food industry]] | ||
[[Category:1923 establishments]] | |||
[[Category:1977 establishments]] | |||
[[Category:2016 disestablishments]] | |||
Latest revision as of 17:04, 9 April 2024
Golden Flake Snack Foods (NASDAQ:GLDC) was a Birmingham-based manufacturer of potato chips, crackers, nuts and other snack foods, with its headquarters and main production facility located at 1 Golden Flake Drive in North Titusville, on the former site of the Alice Furnace.
Its 200 sizes and varieties of products were sold across a 12-state area. The company's Chairman, President and CEO is Mark McCutcheon. For the fiscal year ending in May 2013, the company, which had over 1,000 employees, reported net sales of $137 million.
In 2016 Golden Enterprises was acquired by the privately-owned Utz Quality Foods of Hanover, Pennsylvania for $141 million, or $12 per share plus $7 million in retired debt. Utz CEO Dylan Lissette indicated that the brand would continue to operate as a wholly-owned subsidiary, similar to the way it operated the Zapp's brand from Louisiana, which it acquired in 2011.
Utz closed the Birmingham production plant in July 2023, laying off 175 of its 275 area employees. The remaining workers continued to work in distribution.
History
Golden Flake began in 1923 as Magic City Foods in the basement of the original Hill's grocery store in downtown Birmingham. The business, founded by Mose Lischkoff and Frank Mosher, sold roasted peanuts, peanut butter cracker sandwiches and home-made horseradish. Sales took off, especially for their "Golden Flake" potato chips, and the owners expanded to keep pace with demand.
One early employee was Helen Friedman, who served as a spokesmodel, dubbed the "Golden Flake Girl". She and her mother were impressed by the business and bought out Lischkoff's share. In 1928 she became Mosher's wife. They had a rocky marriage and, when the divorce proceedings concluded, Friedman found herself the owner of Magic City Foods.
Under Friedman's ownership, which spanned the Great Depression, the company continued to grow, with sales across North Alabama reaching $750,000 per year shortly after World War II. She sold the company in 1946 to Leo E. Bashinsky and his brother-in-law Cyrus Case.
In 1956, Leo's son Sloan Bashinsky Sr bought Magic City Foods from his father and uncle. He changed the name to "Golden Flake" a year later and, in 1958 moved the production facility to North Titusville. In 1963 he oversaw the acquisition of Don's Foods, a Nashville, Tennessee-based snack producer and distributor. The two companies combined their operations in 1966. Bashinsky's friendship with Alabama Crimson Tide football coach Bear Bryant secured Golden Flake a favored spot right beside Coca-Cola on Bryant's weekly television program.
Bashinsky took the company public in 1968 and used the capital to diversify. He purchased Steel City Bolt & Screw, Nall & Associates, and smaller real-estate and insurance companies. At the same time, sales of Golden Flake products continued to grow, from $3 million in annual sales in the late 1950s to $50 million in the late 1970s.
In 1977, Bashinsky created Golden Enterprises, Inc., a holding company for the fully-diversified business. Golden Flake Snack Foods, Inc. became a wholly-owned subsidiary. The real-estate and insurance businesses were sold off later that year.
In the 1980s, Golden Flake expanded into new territory across the South and completed construction of a second production facility in Ocala, Florida in 1984. Sales increased to the $100 million mark as the company kept close tabs on the research and marketing done by the global giant Frito-Lay. The move into Florida proved costly as Golden Flake found itself in the middle of a war being fought by Frito-Lay and Anheuser-Busch's Eagle Snacks brand. Earnings drooped into the early 1990s as Bashinsky retired and handed the company to veteran employee John Stein, who served as Chairman until retiring in 2010.
Stein prioritized the company's core business, divesting Golden Enterprises of Steel City Bolt & Screw and Nall & Associates in 1995. Low expenses kept earnings relatively sound. Known for its community involvement, Golden Flake currently sponsors NASCAR races at Talladega Superspeedway, SEC athletics, Auntie Litter events, and the Rick & Bubba Show. In 2009 Golden Flake sponsored "Bear Country", a stage play based on Coach Bryant's career.
In 2009, Golden Flake withstood the snack food peanut butter recall because its snacks were not made from the recalled products. For years, the company was the South's leading seller of fried pork skins.
References
- Behar, Richard (May 20, 1985) "Copycat." Forbes magazine
- International Directory of Company Histories. Vol. 26 (1999) Farmington Hills, Michigan: St James Press ISBN 155862385X
- O'Donnell, Joe (2007) The Forge: Metal to Medicine: Birmingham's Business History. Birmingham: Birmingham Regional Chamber of Commerce/American Printing ISBN 0974137413
- Jarvis, Crystal (January 20, 2009) "Golden Flake's crackers not part of recall." Birmingham Business Journal
- Azok, Dawn Kent (October 28, 2013) "How many potatoes are in a bag of Golden Flake chips and other snack food trivia" The Birmingham News
- Azok, Dawn Kent (October 28, 2013) "What's the best-selling snack food for Golden Flake? The answer may surprise you." The Birmingham News
- Poe, Kelly (July 19, 2016) "Utz to buy Golden Flake." The Birmingham News
- Thornton, William (April 26, 2023) "Utz closing Birmingham Golden Flake factory, laying off 175." AL.com
- Parker, Illyshia (April 8, 2024) "Golden Flake facility trades hands for $6M, multimillion-dollar project planned." Birmingham Business Journal
External links
- Golden Flake website