2007-03-31
Cascioli packs it in as CEO of Lakeport
By Naomi Powell
The Hamilton Spectator
(Mar 31, 2007)
The face of Lakeport has stepped down as its CEO, ending more than seven years at the helm of Hamilton's buck-a-beer institution.
The departure of Teresa Cascioli accompanied Labatt's announcement that it has successfully completed a $201.4-million takeover of the brewery.
Miguel Patricio, Labatt's zone president for North America, will assume the top spot at the Burlington Street plant.
"(This) sale represents overwhelming faith in Labatt to continue the tradition of Lakeport," Patricio said.
In addition to Cascioli, all Lakeport trustees have been replaced by Labatt appointees.
However, Labatt may explore retaining Cascioli as a consultant, said Neil Sweeney, vice-president of corporate affairs.
On Lakeport's "buck-a-beer" strategy, Sweeney denied predictions that Labatt will increase prices in an attempt to narrow the $10 gap between mainstream cases of beer, which retail for about $35, and the discount brews.
"The discount market is growing, not shrinking, and we want to grow along with it," Sweeney said.
The brewing giant declined to comment on the future of the plant and its 200 jobs, pending a review.
"We bought this brewery without doing any due diligence," Sweeney said.
"We bought it based on the strength of the brands and the people. We haven't done any assessment as to the capacity, the capability or what we want to do with it."
Cascioli transformed Lakeport from a near-bankrupt plant into a tenacious competitor to Canada's brewing giants.
Lakeport is now the fastest-growing discount brewer in Ontario with two brands in The Beer Store's top-10 list.
Craig McInnes, vice-president of Teamsters Local 938 representing 140 Lakeport workers, said he remained "optimistic" after meeting with Labatt representatives yesterday.
npowell@thespec.com
905-526-4620
With files from Canadian Press
Used with permission from The Hamilton Spectator, www.thespec.com Copyright The Hamilton Spectator. All rights reserved.
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