Immediate
Thomas G. Granneman
314/877-7730
RALCORP HOLDINGS, INC. SIGNS LETTER OF INTENT
TO PURCHASE ONTARIO FOODS, INC.
ST. LOUIS, MO, AUGUST 30, 2000 Ralcorp Holdings, Inc. (NYSE:RAH) announced
today that it signed a letter of intent to purchase Ontario Foods, Inc., a
producer of private label dry mixed products with approximately $50 million in
sales. Under the terms of the letter of intent, Ontario Foods' parent, Genesee
Corporation, has agreed to negotiate exclusively with Ralcorp regarding the
purchase and sale of Ontario Foods. Terms of the transaction were not
disclosed.
In addition to the parties executing a definitive agreement, the transaction is
subject to approval by Genesee's shareholders and customary regulatory consents.
Ontario Foods, Inc. is based in Medina, New York and produces dry mixed products
such as: instant iced tea; sweetened powdered drink mixes; hot chocolate mixes;
artificial sweeteners (aspartame and sugar substitutes); dry soups (including
bouillon), and dry prepared meals (noodles and sauce, rice and sauce and
stuffing mixes).
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, salad dressings, mayonnaise, peanut butter, jam 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.
