SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 5, 1997
INTERNATIONAL MULTIFOODS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-6699 41-0871880
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
33 South 6th Street, Minneapolis, Minnesota 55402
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (612) 340-3300
Not applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
On June 5, 1997, International Multifoods Corporation (the
"Company") announced that the Company is realigning its North America
Foods segment and intends to sell its Canada Frozen bakery unit. See
the Company's press release dated June 5, 1997, attached hereto as
Exhibit 99.1, which is incorporated by reference in this Current Report
on Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press release of International Multifoods Corporation dated
June 5, 1997.
SIGNATURE
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.
INTERNATIONAL MULTIFOODS CORPORATION
Date: June 5, 1997 By /s/ William L. Trubeck
William L. Trubeck
Senior Vice President Finance and
Chief Financial Officer
EXHIBIT INDEX
99.1 Press release of International Multifoods Corporation dated
June 5, 1997.
Exhibit 99.1
[Multifoods Logo]
News Release
FOR IMMEDIATE RELEASE Contact: Jill Schmidt (media)
(612) 340-3755
Tony Brausen (investors)
(612) 340-3621
MULTIFOODS REALIGNS NORTH AMERICA FOODS SEGMENT
Announces Intent to Sell Canada Frozen Bakery Unit
MINNEAPOLIS, June 5 - International Multifoods Corp. (NYSE: IMC)
today said that it is realigning its North America Foods segment and
intends to sell its Canada Frozen bakery unit. These actions are
related to the company's strategic review of operations undertaken by
Multifoods' new management team to better position the company to
deliver sustainable improvements in financial performance and greater
value to shareholders.
"The decision to sell the Canada Frozen bakery unit reflects our
commitment to improving performance and enhancing shareholder value,"
said Gary E. Costley, International Multifoods chairman, president and
chief executive officer. "It will allow us to concentrate on areas
where we have significant scale and strength, and will provide us with
an opportunity to improve EVA(R).
"The reorganization of our North America Foods segment will more
closely align our businesses with the markets we serve and make it
easier for customers to do business with us," Costley said.
Costley indicated that the company expects these actions to have
minimal impact on full-year fiscal 1998 results. He also said that
proceeds from the sale of the Canada Frozen bakery unit will be applied
to reduce the company's debt.
more
MULTIFOODS REALIGNS NORTH AMERICA FOODS. . . /2
Under the new structure, North America Foods will consist of two
units:
- - Robin Hood Multifoods Inc., which will combine the company's
Canada Consumer Foods unit with its Canadian bakery mix business
to form a single unit representing all Multifoods operations in
Canada. This consolidated unit creates operating efficiencies and
better leverages Multifoods' scale and brand recognition in Canada
in order to capitalize on opportunities for profitable growth.
- - U.S. Foods, which will include the company's U.S. bakery mix and
U.S. frozen bakery businesses.
Robert S. Wright will continue in his position of vice president,
International Multifoods, and president, North America Foods, and will
assume the additional responsibility of directly managing the operations
of U.S. Foods. Don Twiner, currently president of Canada Consumer
Foods, was promoted to the position of president, Robin Hood Multifoods
Inc. Twiner will report to Wright. As part of the reorganization, the
company has eliminated the position of president, North America Bakery,
which was held by Robert Wallace.
International Multifoods' Canada Frozen bakery unit produces high-
quality frozen desserts, such as cakes and pies, as well as a line of
frozen doughs. The products are sold under the Gourmet Baker(R) brand
primarily to foodservice customers, such as restaurants and in-store
bakeries. The unit employs approximately 350 people at plants in
Winnipeg, Manitoba; Burnaby, British Columbia; and Simcoe, Ontario.
Fiscal 1997 net sales for the Canada Frozen bakery business were about
$37 million.
The company will pursue a sale on an expeditious basis and has
retained CIBC (Canadian Imperial Bank of Commerce), based in Toronto, to
help with the transaction.
Minneapolis-based Multifoods operates food manufacturing and
foodservice distribution businesses in the United States, Canada and
Venezuela, and had fiscal 1997 net sales of $2.6 billion.
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1997
