THOMASVILLE, GA. — Efforts by Flowers Foods, Inc. to enhance profitability took greater shape July 17 when the company said it was launching a voluntary employee separation incentive plan (V.S.I.P.).
An outgrowth of Project Centennial, an operational review and multi-year plan first announced in August 2016, the separation plan is part of an effort to “restructure, streamline operations and better position the company for profitable growth,” Flowers said.
The plan is being offered to certain salaried employees meeting defined age, length-of-service and business function criteria. Participants will receive enhanced separation benefits. Flowers projected the program will be mostly completed by the end of the year.“Currently, it is not known which employees will elect to participate in the V.S.I.P., so the company is unable to estimate cost, which will consist primarily of employee severance and benefits-related costs,” Flowers said. “An estimate of the amount or range of costs and benefit will be provided when a good faith determination can be made, which is expected to be in the third quarter of 2017.”