Of his new expense, Bass said, “We are pretty excited to become a step of the Blue Bell company and family”.
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Although the specific terms were not released, company officials confirmed Texas billionaire Sid Bass made a “significant” investment – which will ensure the future production of Blue Bell ice cream.
Blue Bell shuttered all of its plants in April after its ice cream was linked to multiple cases of listeria that led to illnesses and deaths.
The first product to return to shelves would be the famous half-gallon ice cream containers.
Blue Bell CEO Paul Kruse warned in a letter earlier this summer the 108-year-old company needed $125 million to “get through this crisis”, about $60 million of which it has raised from current investors, the report says.
The Brenham, Texas, company, among the largest U.S. ice-cream makers, is trying to return its frozen desserts to stores after recalling all of its products in April following a deadly listeria outbreak.
The company said it would place about 1,400 employees on partially paid furloughs and that about 750 full-time and 700 part-time workers would be laid off. “We believe quality is the principle attribute that ensures the success, growth and longevity of a business”. Founded in 1907, Blue Bell is sold in just 23 states, mostly in the Southeast, but managed to double its market share over the past decade, according to the market research firm Euromonitor. That same month Blue Bell announced it was laying off 37 percent of its work force.
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PrivCo, a data provider on privately held companies, estimates revenue for Blue Bell this year could fall as low as $500 million. The company has said it is taking apart its machines to clean them, sanitizing air conditioning systems and re-training employees, among other changes. Blue Bell last week announced plans to test production runs at its Alabama plant. Van Dorf, the company spokesperson, said a date isn’t set for testing to start.
