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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 19, 1998 (March 17, 1998)
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Date of Report (Date of earliest event reported)
Bestfoods
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(Exact Name of Registrant as Specified in Charter)
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<S> <C> <C>
Delaware 1-4199 36-2385545
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(State or Other Jurisdiction of (Commission File Number) (IRS Employer Identification
Incorporation) Number)
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700 Sylvan Avenue
International Plaza
Englewood Cliffs, New Jersey 07632-9976
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(Address of Principal Executive Offices) (Zip Code)
(201) 894-4000
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Registrant's telephone number, including area code
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Item 5. Other Events.
Reference is made to the press release issued by Registrant on March 17,
1998 filed herewith as Exhibit 1 describing the Company's declaration of a
two-for-one stock split. Exhibit 1 is incorporated by such reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
Exhibit 1 Registrant's Press Release issued on March 17, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: March 19, 1998 BESTFOODS
By: /s/ HANES A. HELLER
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Vice President, General Counsel and
Secretary
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EXHIBIT 1
MEDIA CONTACT:
Thomas DiPiazza (201) 894-2556
Corporate Communications Manager
ANALYST CONTACT:
Bernard H. Kastory (201) 894-2837
Senior Vice President, Finance and Administration
BESTFOODS SPLITS STOCK; DECLARES REGULAR QUARTERLY DIVIDEND
ENGLEWOOD CLIFFS, NJ, March 17, 1998 -- The Board of Directors of
Bestfoods today declared a two-for-one split of the company's common stock
outstanding on March 31, 1998, to be effective in the form of a 100% stock
dividend, payable on April 24, 1998.
At the same time, the Board declared a regular quarterly dividend of $.45
per share, also payable April 24, 1998, to shareholders of record on March 31,
1998. The company's dividend reached $.45 per share when it was increased 9.8%
in September 1997.
C. R. Shoemate, chairman and chief executive officer of Bestfoods,
said, "We believe that the split will broaden the market for our stock, which
has recently been among the highest priced on the New York Stock Exchange."
Bestfoods, which trades under the NYSE symbol BFO, comprises the consumer
foods businesses of the former CPC International Inc., which spun off its corn
refining business at the end of 1997 and was renamed Bestfoods.
ABOUT BESTFOODS: Bestfoods, formerly CPC International Inc., is among the
largest U.S. food companies, with sales of $8.4 billion in 1997. Best known
among Bestfoods' U.S. products are: Hellmann's and Best Foods mayonnaise and
dressings; Mazola corn oil and margarine; Skippy peanut butter; Knorr soups,
sauces, and bouillons; Entenmann's sweet baked products; Thomas' English
muffins; Arnold, Brownberry, Freihofer's, and Oroweat breads; Boboli pizza
crusts; Mueller's pasta; and Karo syrup. Bestfoods' global Knorr brand comprises
one of the world's most extensive lines of products. Bestfoods is one of the
nation's most international food companies, with operations in more than 60
countries and products marketed in 110 countries. For more information about
Bestfoods, visit the company's Web site on the Internet at:
http://www.bestfoods.com.
