Immediate
Thomas G. Granneman
314/877-7730
RALCORP HOLDINGS, INC. SIGNS LETTER OF INTENT
TO PURCHASE TORBITT & CASTLEMAN BUSINESS
ST. LOUIS, MO, DECEMBER 13, 2000 Ralcorp Holdings, Inc. (NYSE:RAH) announced
today that it signed a letter of intent to purchase the wet products portion of
The Torbitt & Castleman Company LLC, a producer of private label syrups, Mexican
sauces, jams and jellies, barbecue sauces, flavored syrups and other specialty
sauces with approximately $80 million in annual sales. The company's dry mix
manufacturing plant in Sheboygan, Wisconsin, and Five Star Brands, an affiliated
manufacturer of nutritional bars located in Grand Rapids, Michigan, are not
included in this transaction. Under the terms of the letter of intent,
Torbitt's owners have agreed to negotiate exclusively with Ralcorp regarding the
purchase and sale of Torbitt. Terms of the transaction were not disclosed.
Torbitt & Castleman is based in Buckner, Kentucky and employs approximately 250
people.
In addition to the parties negotiating and executing a definitive agreement and
approval of Ralcorp's Board of Directors, the transaction is subject to
customary regulatory consents.
With annualized sales of approximately $1.1 billion, Ralcorp produces a variety
of store brand foods that are sold under the individual labels of various
grocery, mass merchandise and drug store retailers. Ralcorp's diversified
product mix includes: ready-to-eat and hot cereals, crackers and cookies, snack
nuts and chocolate candy, salad dressings, mayonnaise, peanut butter, jams and
jellies, syrups, and various sauces. In addition, Ralcorp holds a 21.8 percent
interest in Vail Resorts, Inc. (NYSE:MTN), the premier mountain resort operator
in North America.
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NOTE: Information in this press release that includes information other than
historical data contains forward-looking statements as defined by the Private
Securities Litigation Reform Act of 1995. Any such forward-looking statements
are made based on information currently known and are subject to various risk
and uncertainties and are therefore qualified by the Company's cautionary
statements contained in its filings with the Securities and Exchange Commission.
