Press Releases

BREAKING: AFTER WORKERS SUFFERED, TOM FOLEY MADE MILLIONS IN ANNUAL SALARY AND BONUSES

Hartford, CT — Yesterday, new details emerged about Tom Foley’s management of the T.B. Wood’s Co. in Pennsylvania. Newly unearthed reports show that Foley walked away with nearly $40 million despite an almost three year strike that saw some — trying to get into the middle class — lose their homes, go bankrupt, and even divorce because of the hardship.

Tom Foley offered those striking workers a mere fifty cent raise after years of flat salaries. Yesterday, he called that “very generous”, claiming it was all the company could afford.

But new details show that he made millions in annual salary and bonuses after workers suffered through the almost three-year strike – $1,884,584 in the years immediately following and $4,215,536 over the decade after. While workers went bankrupt and suffered, he received bonuses. Then, he walked away with $40 million.

Foley Salary and Bonuses as Head of T.B. Wood’s Co.

1996 – $479,167 in salary and bonus

1997 – $572,917 in salary and bonuses

1998 – $453,750 in salary and bonuses

1999 – $378,750 in salary and bonus

Total salary and bonuses from 1996-1999 alone: $1,884,584

Total salary and bonuses from 1996-2006: $4,215,536

These numbers also do not include the salary he made through other companies and investments, including Bibb.

“Workers suffered, and Tom Foley lined his pockets with millions of dollars as he refused to take a pay cut. Workers fighting to get in the middle class lost homes and marriages, and Tom Foley collected massive bonuses. This encapsulates his priorities – he has destroyed the lives of people who were just fighting for a fair wage. If Connecticut voters want to know his attitude towards the middle class, look no further than this. Tom Foley is a risk we cannot afford,” said Devon Puglia, Democratic Party spokesman.

Background

Mr. Foley’s Salary Of $229,167 (Prorated For The Period Beginning After The Company’s Initial Public Offering) Was Set At A Base Amount Of $250,000 At The Time Of The Company’s Initial Public Offering. “The Compensation Committee determined the 1996 compensation for Mr. Foley in accordance with the guidelines described above.  Mr. Foley’s salary of $229,167 (prorated for the period beginning after the Company’s initial public offering) was set at a base amount of $250,000 at the time of the Company’s initial public offering.  Mr. Foley’s bonus of $250,000 was based upon his strategic expertise which contributed significantly to the successful completion of the Company’s initial public offering and several acquisitions during 1996.” [TB Woods Inc, SEC Proxy Statement, 03/25/97]

In 1997, Foley Was Paid $272,917 In Salary By TB Woods Corp. “The Company paid an aggregate of $61,500 of directors’ fees in fiscal year 1997 for directors who were not employees or officers of the Company. Mr.Foley is compensated by the Company for his services as Chairman in an amount equal to $272,917 per annum plus a cash bonus and other incentive compensation to be determined by the Company. Directors who are employees of the Company do not receive additional compensation for serving on the Board or Committees. Each outside Director receives an annual fee of $30,000, a meeting attendance fee of $1,000 and reimbursement of applicable travel and other expenses.” [TB Woods Corp., Form DEF 14A, 1/2/98]

Foley’s 1997 Bonus From TB Woods Was $300,000. [TB Woods Corp., Form DEF 14A, 1/2/98]

Foley’s 1998 Salary Was $288,750 And He Received A Bonus Of $165,000. [TB Woods Corp., Form DEF 14A, 4/27/99]

Foley’s 1999 Salary Was $303,750 And He Received A Bonus Of $75,000 From TB Woods. [TB Woods Corp., Form DEF 14A, 4/25/00]

Foley’s 2000 Salary Was $318,750 And He Received A Bonus Of $150,000 From TB Woods. [TB Woods Corp. Form DEF 14A, 4/23/03]

Foley’s 2001 Salary Was $318,402 And He Did Not Receive A Bonus TB Woods. [TB Woods Corp. Form DEF 14A, 4/23/03]

Foley’s 2002 Salary Was $332,800 And He Did Not Receive A Bonus TB Woods. [TB Woods Corp. Form DEF 14A, 4/23/03]

Following His Return From Iraq, Foley Signed A Consulting Contract With TB Woods, Paying Him $250,000 In Base Salary. [TB Woods Corp., Exhibit 10- Material Contracts, 8/25/04]

In 2006, Foley Was Paid $711,000 By T.B. Wood’s. “His holding includes 85,500 shares that have been donated by Mr Foley to the Foley Family Foundation, a charitable trust controlled by the ambassador. The trust’s holding is worth more than $2.1 million, based on the acquisition price. TB Woods was founded in 1857 and employs 800 people, half of them in the United States. As chairman, Mr Foley received remuneration of $711,000 in 2006 from the company. Mr Foley has been a major supporter of US president Bush, having helped to raise more than $100,000 in funds for his 2000 electoral campaign. He also attended Harvard Business School with president Bush.” [The Irish Times, 03/07/07]

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SHOCKING: TOM FOLEY’S 47% VIDEO

Hartford, CT — Today, new reports were unearthed about Tom Foley’s past business dealings, this time at T.B. Wood’s Co. in Pennsylvania. As workers suffered — through a nearly three-year strike, personal bankruptcy, and broken marriages — Tom Foley personally walked away with $40 million.

At his availability today, his responses were shocking.

When asked if he knew how much he made, he said “No…”. When told he personally made nearly $40 million, he said “It’s possible, I don’t remember.”

$40 million. “It’s possible, I don’t remember.” Tom Foley can’t recall making almost $40 million?

Then, when asked whether making that much profit off the backs of suffering middle-class workers would undermine his ability to connect with Connecticut residents, he said “I don’t understand what this has to do with that.”

That’s right — Tom Foley doesn’t understand why making $40 million off the backs of hundreds of workers fighting for decent wages is relevant to residents of this state.

If that were not enough, when asked if he was involved with the day-to-day operations of the company, Tom Foley said, “Not really. I was the…owner of the company.”

And, even though he walked away with $40 million, he called his offered fifty cent raise “very generous”.

To watch the full availability, click here.

“Tom Foley can’t remember how many tens of millions he made off of workers fighting for fair wages? That is shocking. It’s to be expected from someone who is so out of touch with middle-class families, because after all, he’s ‘the owner,’” said Devon Puglia, Democratic Party spokesman. “This is a pattern with Tom Foley — with Bibb Co., Sprague and now T.B. Woods. Working families suffer, and Tom Foley makes tens of millions. Connecticut can’t trust Tom Foley to stand up for working families because he never has.”

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BREAKING NEWS: TOM FOLEY MADE $40 MILLION ON THE BACKS OF PA WORKERS FIGHTING FOR DECENT WAGES

Hartford, CT — New information emerged about Tom Foley’s business dealings — and they go far beyond his record driving the Bibb Co. into bankruptcy and laying off workers.

As the head of T.B. Wood’s Co. in Pennsylvania, Tom Foley personally made nearly $40 million after an almost three-year strike by workers seeking decent wages.

When asked this morning about the sale, Tom Foley could not recall how many millions of dollars he personally profited off the back of workers.

According to recently unearthed reports from two decades ago, workers went bankrupt, families lost homes, and marriages were torn apart as employees fought for better rights. While families suffered, Tom Foley, as the head of the company, ultimately walked away with tens of millions of dollars.

The company in question — T.B. Wood’s Co. — had been family-owned since 1857. According to reports, it was a pleasant place. The company sponsored softball and bowling teams and management consisted of people who had worked their way up through the organization.

Then, in 1986, Foley bought it and experienced personnel were replaced. Reports say because of bad management, morale plummeted during the years he led the company.

So, workers voted to go on strike — 24 hours a day, seven days a week, for nearly three years. It was described as “devastating”. They had to “help one another with money, food and clothes” just to get by.

Because of Foley, families suffered. Some “lost their homes, declared bankruptcy or separated from their wives in cases where the husband wanted to stick with the strike and the wife wanted him to cross the picket line.”

What happened to the owner? After bundling money for President George W. Bush, he was given an ambassadorship in return, and Foley sold his shares for nearly $40 million.

“Tom Foley likes to talk about his business record, well here it is. Workers suffered, while he walked away with nearly $40 million. We saw his attitude in Sprague, we know he’s called for a ‘Wisconsin Moment’ for workers in our state, and we know he’s laid off hundreds of honest employees at Bibb to make millions in profit. Well, this is a new, major part of Tom Foley’s record — and it shows you he does not stand with middle-class families,” said Lori Pelletier, Connecticut AFL-CIO Executive Secretary. “This is a reflection of his priorities — it shows us how Tom Foley would govern. He would turn back the clock on middle-class families, and we cannot stand for it.”

“We have a choice this November. We can either go forward with progress, or go backwards by driving the middle class into a ditch. This is simple. Families went into bankruptcy because of Tom Foley — and he walked away with nearly $40 million personally. If people want to know how he would govern, just look at his record,” said Julie Kushner, Director of UAW Region 9A. “Tom Foley does not care about you, or me, or any working families just trying to make ends meet. What he’s done his whole career is exploit workers for his personal profit — and that makes him a risk Connecticut cannot afford.”

Background

Thomas Foley, The Largest Stockholder Of TB Wood’s, Will Tender 1.6 Million Shares, Representing About 42.4 Percent Of The Company’s Outstanding Shares. “Altra Holdings Inc., maker of braking systems for elevators and wheelchairs, said Monday it will buy TB Wood’s Corp., which makes power transmission devices, for $24.80 per share. Altra, which went public in December, said the boards of both companies approved the deal valued at about $92 million ) and the tender offer for TB shares is expected to close in April. Thomas Foley, the largest stockholder of TB Wood’s, will tender 1.6 million shares, representing about 42.4 percent of the company’s outstanding shares, Altra said. Altra expects the deal to increase earnings in 2007 and to add 15 to 20 cents per share in 2008 and 2009.” [Associated Press, 02/20/07]

TheIrish Times: “The US Ambassador To Ireland, Thomas Foley, Is To Realise Almost $40 Million (EUR 30.5 Million) From The Acquisition Of The Majority Of His Holding In A Power Transmission Device Manufacturer, TB Woods.” “The US ambassador to Ireland, Thomas Foley, is to realise almost $40 million (EUR 30.5 million) from the acquisition of the majority of his holding in a power transmission device manufacturer, TB Woods. The Pennsylvania-headquartered company is being acquired for more than $94 million by a competitor, Altra. Mr Foley, who is the single largest shareholder in TB Woods, was its chairman until he resigned his position to take up his ambassadorial position in Ireland last October. He has agreed to sell 1.6 million shares in TB Woods to Altra at $24.80 per share. He holds more than 1.8 million shares in the company, representing more than 45 per cent of its equity.” [The Irish Times, 03/07/07]

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STATE REPRESENTATIVE MUSHINSKY ON GOVERNOR MALLOY’S PLANS TO PROTECT CONNECTICUT’S ENVIRONMENT

Hartford, CT — State Representative Mary Mushinsky, member of the Environment Committee, released the following statement on Governor Malloy’s plans to continue protecting Connecticut’s environment:

“Governor Malloy has invested in Long Island Sound stewardship, provided municipal grants to stop stormwater from contaminating our streams, addressed our plea for state park funding, and expanded support for solar energy, fuel cells and local linear trails.  These are important steps in promoting clean, homegrown energy and livable communities, and conserving our environment for future generations.”

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