SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
(Mark One)
[ X ]
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
For the fiscal year ended December 31, 1995
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ________ to ________
Commission File Number
1-6699
Employees' Voluntary Investment and Savings Plan
of International Multifoods Corporation
33 South 6th Street
Minneapolis, Minnesota 55402
(Full title and address of plan)
International Multifoods Corporation
33 South 6th Street
Minneapolis, Minnesota 55402
(Name of issuer and address of
principal executive offices of issuer)
EMPLOYEES' VOLUNTARY INVESTMENT
AND SAVINGS PLAN OF INTERNATIONAL MULTIFOODS CORPORATION
Financial Statements and Supplemental Schedules
December 31, 1995 and 1994
Independent Auditors' Report
The Board of Directors
International Multifoods Corporation:
We have audited the accompanying statements of net assets available
for plan benefits of the Employees' Voluntary Investment and Savings
Plan of International Multifoods Corporation as of December 31, 1995
and 1994 and the related statements of changes in net assets
available for plan benefits for the years then ended. These
financial statements are the responsibility of the Plan's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the net assets of the Plan as of
December 31, 1995 and 1994 and the changes in its net assets for the
years then ended in conformity with generally accepted accounting
principles.
Our audits were made for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental
schedules of Assets Held for Investment Purposes and Reportable
Transactions are presented for the purpose of additional analysis
and are not a required part of the basic financial statements but
are supplementary information required by the Department of Labor's
Rules and Regulations for Reporting and Disclosure under the
Employee Retirement Income Security Act of 1974. The fund
information in the Statements of Net Assets Available for Plan
Benefits and the Statements of Changes in Net Assets Available for
Plan Benefits is presented for purposes of additional analysis
rather than to present the net assets available for plan benefits
and changes in net assets available for plan benefits of each fund.
The supplemental schedules and fund information have been subjected
to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all
material respects in relation to the basic financial statements
taken as a whole.
/s/KPMG Peat Marwick LLP
May 24, 1996
EMPLOYEES' VOLUNTARY INVESTMENT AND SAVINGS PLAN
OF INTERNATIONAL MULTIFOODS CORPORATION
Statement of Net Assets Available
for Plan Benefits December 31, 1995
<TABLE>
<CAPTION>
Nonparti-
cipant-
Participant-Directed Directed
------------------------------------------------------------------- ----------
Company Fixed Growth Equity Company
Common Income Equity Index Balanced Common
Stock Fund Fund Fund Fund Fund Stock Fund Total
---------- ---------- ---------- ---------- --------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments
Common stock of International
Multifoods Corp. $3,850,619 $ - $ - $ - $ - $8,078,837 $11,929,456
Common trust funds:
Norwest Bank Minnesota, N.A.:
Short-term Investment Fund 33,043 - 1,600 71 1,435 69,325 105,474
Stable Return Fund - 6,644,318 - - - - 6,644,318
Shares of registered funds:
Fidelity Magellan Fund - - 9,019,931 - - - 9,019,931
Fidelity U.S.
Equity Index Fund - - - 3,297,217 - - 3,297,217
Fidelity Balanced Fund - - - - 2,653,194 - 2,653,194
---------- ---------- ---------- ---------- ----------- ---------- -----------
Total investments 3,883,662 6,644,318 9,021,531 3,297,288 2,654,629 8,148,162 33,649,590
Accrued investment income 38,056 - 5 - 5 79,845 117,911
Member contributions receivable 16,310 26,890 55,851 27,052 20,218 - 146,321
Employer contributions receivable - - - - - 59,574 59,574
---------- ---------- ---------- ---------- ----------- ---------- -----------
Total assets 3,938,028 6,671,208 9,077,387 3,324,340 2,674,852 8,287,581 33,973,396
Unapplied retained Employer
contributions - - - - - (71,075) (71,075)
---------- ---------- ---------- ---------- ----------- ---------- -----------
Net assets available
for plan benefits $3,938,028 $6,671,208 $9,077,387 $3,324,340 $2,674,852 $8,216,506 $33,902,321
========== ========== ========== ========== ========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
EMPLOYEES' VOLUNTARY INVESTMENT AND SAVINGS PLAN
OF INTERNATIONAL MULTIFOODS CORPORATION
Statement of Net Assets Available
for Plan Benefits December 31, 1994
<TABLE>
<CAPTION>
Nonparti-
cipant-
Participant-Directed Directed
------------------------------------------------------------------- ----------
Company Fixed Growth Equity Company
Common Income Equity Index Balanced Common
Stock Fund Fund Fund Fund Fund Stock Fund Total
---------- ---------- ---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments
Common stock of International
Multifoods Corp. $4,053,009 $ - $ - $ - $ - $7,488,583 $11,541,592
Common trust funds:
Norwest Bank Minnesota, N.A.:
Short-term Investment Fund 3,512 - - - - 6,489 10,001
Stable Return Fund - 3,543,486 - - - - 3,543,486
Shares of registered funds:
Fidelity Magellan Fund - - 6,553,250 - - - 6,553,250
Fidelity U.S.
Equity Index Fund - - - 2,135,216 - - 2,135,216
Fidelity Balanced Fund - - - - 2,490,524 - 2,490,524
Group annuity contracts:
Hartford Life Insurance Co. - 1,062,158 - - - - 1,062,158
John Hancock - 2,204,659 - - - - 2,204,659
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total investments 4,056,521 6,810,303 6,553,250 2,135,216 2,490,524 7,495,072 29,540,886
Accrued investment income 44,416 17,093 - - - 82,067 143,576
Member contributions receivable 21,504 31,900 64,487 24,519 27,055 - 169,465
Employer contributions receivable - - - - - 71,030 71,030
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total assets 4,122,441 6,859,296 6,617,737 2,159,735 2,517,579 7,648,169 29,924,957
Unapplied retained Employer
contributions - - - - - (54,388) (54,388)
---------- ---------- ---------- ---------- ---------- ---------- -----------
Net assets available
for plan benefits $4,122,441 $6,859,296 $6,617,737 $2,159,735 $2,517,579 $7,593,781 $29,870,569
========== ========== ========== ========== ========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
EMPLOYEES' VOLUNTARY INVESTMENT AND SAVINGS PLAN
OF INTERNATIONAL MULTIFOODS CORPORATION
Statement of Changes in Net Assets Available
for Plan Benefits Year Ended December 31, 1995
<TABLE>
<CAPTION>
Nonparti-
cipant-
Participant-Directed Directed
------------------------------------------------------------------- ----------
Company Fixed Growth Equity Company
Common Income Equity Index Balanced Common
Stock Fund Fund Fund Fund Fund Stock Fund Total
---------- ---------- ---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends $ 164,695 $ - $ 58,525 $ 61,485 $ 111,437 $ 334,532 $ 730,674
Interest 1,099 97,960 520 191 - 2,170 101,940
Net appreciation in
fair value of investments 375,762 373,863 2,441,631 759,101 238,465 739,775 4,928,597
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total investment income 541,556 471,823 2,500,676 820,777 349,902 1,076,477 5,761,211
---------- ---------- ---------- ---------- ---------- ---------- -----------
Contributions:
Members 534,683 767,892 1,580,309 694,101 607,367 - 4,184,352
Cash contributions by employer - - - - - 1,535,248 1,535,248
---------- ---------- ---------- ---------- ---------- ---------- -----------
Total contributions 534,683 767,892 1,580,309 694,101 607,367 1,535,248 5,719,600
---------- ---------- ---------- ---------- ---------- ---------- -----------
Distributions (1,200,476) (1,702,989) (1,564,896) (563,260) (546,906) (1,853,845) (7,432,372)
Fund transfers (60,176) 275,186 (56,439) 212,987 (253,090) (118,468) -
Transfers from
unapplied account, net - - - - - (16,687) (16,687)
---------- ---------- ---------- ---------- ---------- ---------- -----------
Net increase (decrease)
in net assets available
for plan benefits (184,413) (188,088) 2,459,650 1,164,605 157,273 622,725 4,031,752
Net assets available
for plan benefits:
Beginning of year 4,122,441 6,859,296 6,617,737 2,159,735 2,517,579 7,593,781 29,870,569
---------- ---------- ---------- ---------- ---------- ---------- -----------
End of year $3,938,028 $6,671,208 $9,077,387 $3,324,340 $2,674,852 $8,216,506 $33,902,321
========== ========== ========== ========== ========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
EMPLOYEES' VOLUNTARY INVESTMENT AND SAVINGS PLAN
OF INTERNATIONAL MULTIFOODS CORPORATION
Statement of Changes in Net Assets Available
for Plan Benefits Year Ended December 31, 1994
<TABLE>
<CAPTION>
Nonparti-
cipant-
Participant-Directed Directed
------------------------------------------------------------------- ----------
Company Fixed Growth Equity Company
Common Income Equity Index Balanced Common
Stock Fund Fund Fund Fund Fund Stock Fund Total
---------- ---------- ---------- ---------- ----------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment income:
Dividends $ 176,394 $ - $ 12,553 $ 53,040 $ 80,530 $ 319,655 $ 642,172
Interest 775 296,071 - - - 1,383 298,229
Net appreciation
(depreciation) in
fair value of investments (203,416) 231,860 (166,928) (30,573) (219,820) (361,699) (750,576)
---------- ---------- ---------- ---------- ---------- ---------- ----------
Total investment
income (loss) (26,247) 527,931 (154,375) 22,467 (139,290) (40,661) 189,825
---------- ---------- ---------- ---------- ---------- ---------- ----------
Contributions:
Members 545,679 706,718 1,332,996 485,428 569,509 - 3,640,330
Cash contributions
by employer - - - - - 1,536,496 1,536,496
---------- ---------- ---------- ---------- ----------- ---------- ----------
Total contributions 545,679 706,718 1,332,996 485,428 569,509 1,536,496 5,176,826
---------- ---------- ---------- ---------- ----------- ---------- ----------
Distributions (623,842) (1,705,332) (1,263,621) (390,989) (523,867) (1,109,267) (5,616,918)
Fund transfers (71,835) 3,634 112,189 6,938 71,422 (122,348) -
Transfers from
unapplied account, net - - - - - (8,358) (8,358)
---------- ---------- ---------- ---------- ----------- ---------- ----------
Net increase (decrease)
in net assets available
for plan benefits (176,245) (467,049) 27,189 123,844 (22,226) 255,862 (258,625)
Net assets available
for plan benefits:
Beginning of year 4,298,686 7,326,345 6,590,548 2,035,891 2,539,805 7,337,919 30,129,194
---------- ---------- ---------- ---------- ---------- ---------- -----------
End of year $4,122,441 $6,859,296 $6,617,737 $2,159,735 $2,517,579 $7,593,781 $29,870,569
========== ========== ========== ========== ========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
EMPLOYEES' VOLUNTARY INVESTMENT AND SAVINGS PLAN
OF INTERNATIONAL MULTIFOODS CORPORATION
Notes to Financial Statements
December 31, 1995 and 1994
1) Description of Plan
The following brief description of the Employees' Voluntary
Investment and Savings Plan of International Multifoods Corporation
(the "Plan") is provided for general information purposes only. For
more complete information about the Plan's eligibility, vesting,
withdrawal and benefit provisions, employees should refer to their
copy of the Summary Plan Description.
The Plan is a voluntary investment and savings plan intended to
be a long-term investment program to provide participating employees
("Members") with additional retirement income. Salaried and
commissioned employees as well as certain hourly employees of
International Multifoods Corporation (the "Company") and
participating subsidiaries are eligible for the Plan after one year
of qualifying service. The Plan is a salary reduction plan under
Section 401(k) of the Internal Revenue Code and qualifies as an
Employee Stock Ownership Plan ("ESOP") under Section 4975(e) of the
Internal Revenue Code. The ESOP provisions allow the Trustee
(Norwest Bank Minnesota, N.A.), at the direction of the Plan
Administrator, to purchase common stock of the Company with the
proceeds of one or more loans. Any loan transactions entered into
must provide that the lender shall be without recourse against the
assets of the Plan, except for common stock held in a loan suspense
account, and therefore not allocated to participating Members.
Administrative expenses of the Plan are paid by the Company and
its participating subsidiary corporations (the "Employer").
Members enter into salary reduction agreements with the Employer
and may contribute, within limitations specified by the Internal
Revenue Code, from 2% to 15% of regular pay. The Employer's
contribution is 50% of the Member's contribution with a limit of 3.5%
of the Member's regular pay. Members' deposits are fully vested.
Employer contributions are 20% vested after one year of service and
continue to vest an additional 20% each year, becoming fully vested
after the employee has completed five years of service, or upon
reaching age 65, retirement, pre-retirement disability, death and
certain other occurrences.
Effective October 1, 1994, an employee, whether or not such
employee has satisfied the service requirement to become a Member, is
eligible to contribute any amount that qualifies as a rollover
contribution (as defined in the Plan). Rollover contributions are
not eligible for Employer matching contributions.
2) Accounting Policies
The Plan's accounting policies conform to generally accepted
accounting principles applied on a consistent basis. Significant
policies related to investments are summarized below:
The fair value of investments in the Company's common stock is
based upon published quotations.
The fair value of investments in common trust funds and mutual
funds are determined by the trustee or custodian of those
funds on the basis of the fair values of the underlying net
assets.
Net appreciation (depreciation) in fair value of investments
represents increases or decreases in value resulting from
realized and unrealized gains and losses.
3) Investment Funds
Members may direct their deposits to be invested in any one of
the following investment funds: Company Common Stock Fund, Fixed
Income Fund, Growth Equity Fund, Balanced Fund, and Equity Index
Fund. Contributions can be allocated to funds in increments of 10%.
Contributions and investment balances can be reallocated on a
quarterly basis.
The type of investments each fund may make is described in the
Plan. Each of the funds may temporarily hold cash or make short-term
investments. The Fixed Income Fund, the Growth Equity Fund, the
Balanced Fund, and the Equity Index Fund may not invest in securities
of the Company. The following schedule summarizes the type of
investments which may be made by each of the funds:
Fund Description
- --------------------- ------------------------------------------------
Company Common Stock Common stock of the Company
Fixed Income Mutual fund that invests in fixed income
securities including contracts with insurance
companies and banks
Growth Equity Mutual fund that invests in equity securities
Balanced Mutual fund that invests in fixed income
securities and equity securities
Equity Index Mutual fund that invests in equity securities of
companies in the Standard and Poor's 500
4) Unapplied Retained Employer Contributions
Unapplied retained Employer contributions represent amounts of
nonvested past Employer contributions attributable to terminated
participating employees, but which do not represent forfeitures until
such employees incur a defined break in service. These accounts are
available to reduce future Employer contributions upon becoming
defined forfeitures, or to be credited to such employees' accounts as
a result of rehire if there is not a defined break in service.
Forfeitures of nonvested Employer contributions for the years
ended December 31, 1995 and 1994 were approximately $35,076 and
$27,900, respectively.
5) Plan Termination
Although it has not expressed any intention to do so, the Company
has the right to terminate the Plan or discontinue contributions with
respect to any one or more participating employers. Upon termination
or discontinuance of contributions, Employer contribution amounts in
Member accounts which have not vested will become vested.
Thereafter, full distribution of each fund may be made to Members,
either by lump sum payment or by annual installment payments over a
period not exceeding ten years.
6) Distributions
The Plan provides for the distribution of a Member's account
balance upon retirement, death, termination of employment or certain
other occurrences. In addition, Members who meet certain
qualifications as to age and length of participation in the Plan, or
who have a proven financial hardship, may elect to withdraw a portion
of their account balance. Distributions may be made either by lump
sum payment or by annual installment payments over a period not
exceeding ten years at the discretion of the Plan Administrator.
Distributions from the Company Common Stock Fund of the Plan are made
in full shares of common stock of the Company and cash for any
fractional share equivalents, except that members whose account
balances are less than or equal to $3,500 or 100 shares may elect to
receive cash distributions. The number of shares to be distributed
is determined by the market value of the common stock as of the
valuation date.
7) Income Taxes
The Company received a tax determination letter dated January 15,
1995, from the Internal Revenue Service stating that the Plan meets
the requirements of Section 401(a) of the Internal Revenue Code and
that the trust created under the Plan is therefore exempt from
Federal income taxes under provisions of Section 501(a). As of the
date of this report, the Company believes that the Plan and its
related trust continue to qualify under the provisions of Sections
401(a) and 501(a) and are exempt from Federal income taxes.
The Plan qualifies as a salary reduction plan under Section
401(k) of the Internal Revenue Code. Accordingly, Employer
contributions and allocations to Members' accounts of trust earnings
are not taxable to Members when made or when credited to the Member's
account. However, Member distributions are subject to ordinary
income taxes and may be subject to an additional 10% penalty tax.
8) Reconciliation to Form 5500
At December 31, 1995 and 1994, net assets available for plan
benefits in the accompanying financial statements differ from Form
5500, as filed with the Internal Revenue Service as follows:
1995 1994
----------- -----------
Net assets available for
plan benefits per Form 5500 $33,223,503 $29,532,447
Adjustment for benefits payable 678,818 338,122
----------- -----------
Net assets available for plan benefits
per accompanying financial statements $33,902,321 $29,870,569
=========== ===========
9) Investments
The following investments represent 5% or more of the net assets
available for plan benefits at December 31, 1995:
Face Amount or
No. of Shares Fair Value
-------------- -----------
International Multifoods
Corporation common stock 592,768 $11,929,456
Fidelity Magellan Fund 104,907 9,019,931
Norwest Stable Return Fund 299,969 6,644,318
Fidelity U.S. Equity Index Fund 146,088 3,297,217
Fidelity Balanced Fund 196,242 2,653,194
The following investments represent 5% or more of the net assets
available for plan benefits at December 31, 1994:
Face Amount or
No. of Shares Fair Value
-------------- ------------
International Multifoods
Corporation common stock 632,416 $11,541,592
Fidelity Magellan Fund 98,103 6,553,250
Norwest Stable Return Fund 170,360 3,543,486
Fidelity Balanced Fund 202,646 2,490,524
John Hancock group annuity contract 2,204,659 2,204,659
Fidelity U.S. Equity Index Fund 126,269 2,135,216
10) Party-In-Interest Transactions
Transactions resulting in plan assets being transferred to or
used by a related party are prohibited under the Pension Reform Act
(the Act) unless a specific exemption applies. The Trustee of the
Plan, Norwest Bank Minnesota, N.A., and International Multifoods
Corporation are defined as parties-in-interest with respect to the
Plan. However, such transactions are exempt under section 408(b)(8)
and are not prohibited under the Act.
11) Subsequent Event
Effective January 1, 1996, the Plan was amended to allow
employees to borrow from their account and re-pay it through after-
tax payroll deductions. Employees may not borrow less than $1,000 or
more than one-half of their account balance, not to exceed $50,000,
for a term of one to five years. The loans are due and payable 30
days following termination of employment, or earlier in certain
circumstances. Interest is charged at the prime rate plus 2%.
Schedule 1
EMPLOYEES' VOLUNTARY INVESTMENT AND SAVINGS PLAN
OF INTERNATIONAL MULTIFOODS CORPORATION
Item 27a - Schedule of Assets Held for Investment Purposes
December 31, 1995
<TABLE>
<CAPTION>
Description of investment,
including maturity date,
Identity of issue, borrower, rate of interest, collateral, Current
lessor or similar party and par or maturity value Cost Value
- ------------------------------------------ ---------------------------- ----------- -----------
<S> <C> <C> <C>
Common stock:
*International Multifoods Corporation 592,768 shares common stock, $11,358,038 $11,929,456
par value $0.10 per share
- ----------------------------------------------------------------------------------------------------------------------
Total common stock 11,358,038 11,929,456
- -----------------------------------------------------------------------------------------------------------------------
Common trust funds:
Norwest Bank Minnesota, N.A.:
*Short-term Investment Fund 105,474 shares 105,474 105,474
*Stable Return Fund 299,969 shares 6,059,829 6,644,318
- ----------------------------------------------------------------------------------------------------------------------
Total common trust funds 6,165,303 6,749,792
- ----------------------------------------------------------------------------------------------------------------------
Shares of registered funds:
Fidelity Magellan Fund 104,907 shares 7,262,972 9,019,931
Fidelity U.S. Equity Index Fund 146,088 shares 2,516,499 3,297,217
Fidelity Balanced Fund 196,242 shares 2,534,866 2,653,194
- ----------------------------------------------------------------------------------------------------------------------
Total shares of registered funds 12,314,337 14,970,342
- ----------------------------------------------------------------------------------------------------------------------
Total investments $29,837,678 $33,649,590
======================================================================================================================
* Represents party-in-interest.
</TABLE>
See accompanying independent auditors' report.
Schedule 2
EMPLOYEES' VOLUNTARY INVESTMENT AND SAVINGS PLAN
OF INTERNATIONAL MULTIFOODS CORPORATION
Item 27d - Schedule of Reportable Transactions
Year Ended December 31, 1995
Series of transactions (involving one security) which exceed 5% of plan assets.
<TABLE>
<CAPTION>
Identity of Purchase Selling Cost of Net Gain
Party Involved Description of Asset Price Price Asset or (Loss)
- ------------------------------- -------------------------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
*Norwest Bank Minnesota, N.A. Short-term Investment Fund $4,473,049 $4,377,576 $4,377,576 $ 0
*Norwest Bank Minnesota, N.A. Stable Return Fund 4,264,724 1,564,253 1,448,079 116,174
*International Multifoods
Corporation Common Stock 2,442,323 309,015 288,945 20,070
Fidelity Magellan Fund Registered Fund 1,592,022 1,113,055 889,215 223,840
John Hancock Group Annuity Contract 82,810 2,287,469 2,287,469 0
</TABLE>
*Represents party-in-interest
Note: Certain columns not required for this schedule have been omitted.
See accompanying independent auditors' report.
Signature
Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit
plan) have duly caused this annual report to be signed on its behalf by
the undersigned hereunto duly authorized.
EMPLOYEES' VOLUNTARY
INVESTMENT AND SAVINGS PLAN OF
INTERNATIONAL MULTIFOODS CORPORATION
June 26, 1996 By /s/ Joyce G. Traver
Joyce G. Traver
Director - Benefits
EXHIBIT INDEX
23 Consent of KPMG Peat Marwick LLP.
Exhibit 23
Independent Auditors' Consent
The Board of Directors
International Multifoods Corporation
We consent to incorporation by reference in the Registration Statement
(No. 33-48073) on Form S-8 with respect to the Employees' Voluntary
Investment and Savings Plan of International Multifoods Corporation (the
Plan) of our report dated May 24, 1996, relating to the statements of
net assets available for plan benefits of the Plan as of December 31,
1995 and 1994, and the related statements of changes in net assets
available for plan benefits for the years then ended, which report
appears in the December 31, 1995 Annual Report on Form 11-K of
International Multifoods Corporation.
/s/ KPMG Peat Marwick LLP
KPMG Peat Marwick LLP
Minneapolis, Minnesota
June 26, 1996
