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Tasty Baking Co. moves to the Navy Yard
The Web site for the award-winning alternative weekly, the Philadelphia City Paper.
Tasty Baking Co. moves to the Navy Yard
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| April Saul/Inquirer staff photographer |
| The Krimpet gets a new home |
Today, Inquirer staff writer Harold Brubaker takes a look at the new Navy Yard home of the Tasty Baking Co., makers of iconic local favorites Krimpets and Kandy Kakes since 1914.
Facts of note:
- The new facility cost $78 million, including $31 million in publicly subsidized financing
- Plans for the 350,000-square-foot bakery and warehouse were announced in May 2007
- Tasty Baking Co.'s market value is $60 million.
- "Tasty has estimated that it will log annual pretax savings of $13 million to $15 million, which would amount to a cost reduction of about 11 percent, based on last year's results. A one-third reduction in the bakery workforce, from 500 to 315, made possible by automation, is the biggest factor in the cost savings."
Keeping this Philadelphia company in Philadelphia is a good thing, right? Bu should public money go to fund expansion by publicly-held companies, especially when no new jobs are created?
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