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): September 29, 1998
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.)
200 East Lake Street, Wayzata, Minnesota 55391
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (612) 594-3300
Not applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
On September 29, 1998, International Multifoods Corporation (the
"Company") announced that discussions between the Company and Archer-
Daniels-Midland Company ("ADM") and GRUMA, S.A. de C.V., an affiliate
of ADM, related to the sale of the Company's Venezuela Foods business,
have ended. See the Company's press release dated September 29, 1998,
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
September 29, 1998.
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: September 29, 1998 By /s/ William L. Trubeck
William L. Trubeck
Senior Vice President Finance and
Chief Financial Officer and
President, Latin America Operations
EXHIBIT INDEX
99.1 Press release of International Multifoods Corporation
dated September 29, 1998.
Exhibit 99.1
[INTERNATIONAL MULTIFOODS CORPORATION LETTERHEAD]
NEWS RELEASE
FOR IMMEDIATE RELEASE Contact: Jill Schmidt (media)
(612) 594-3320
Tony Brausen (investors)
(612) 594-3385
INTERNATIONAL MULTIFOODS, ADM END DISCUSSIONS ON THE SALE OF VENEZUELA
FOODS
WAYZATA, Minn., Sept. 29 - International Multifoods Corp. (NYSE:
IMC) today announced that discussions with Archer Daniels Midland Co.
(NYSE: ADM) to sell its Venezuela Foods unit have ended. The company
said that ADM and GRUMA, S.A. de C.V., ADM's proposed acquisition
partner, were unable to reach an agreement with the company as to the
terms of their joint acquisition of the Venezuelan operation.
"ADM's decision to not proceed with the acquisition of Venezuela
Foods was directly related to the current economic and political
uncertainty in Venezuela and not to the underlying value of the
Venezuela Foods business," said Gary E. Costley, International
Multifoods chairman and chief executive officer. "While we are
disappointed in this development, we remain committed to the sale of
this business as soon as practicable."
International Multifoods will continue to account for Venezuela
Foods as a discontinued operation. The company also said it remains
comfortable with full-year earnings estimates from continuing
operations in the range of $1.30 to $1.35 per share.
International Multifoods is an EVA company that operates
distribution businesses in the United States and food manufacturing
businesses in Canada and the United States.
# # #
1998
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations or
beliefs, including, but not limited to, statements concerning the
company's operations and financial performance and condition. For this
purpose, statements that are not statements of historical fact may be
deemed to be forward-looking statements. The company cautions that
these statements by their nature involve risks and uncertainties, and
actual results may differ materially depending on a variety of
important factors, including, among others, the impact of competitive
products and pricing; market conditions and weather patterns that may
affect the costs of grain and other raw materials; changes in laws and
regulations; economic and political conditions in Venezuela, including
inflation, currency volatility, possible limitations on foreign
investment, exchangeability of currency, dividend repatriation and
changes in existing tax laws; the company's ability to complete a sale
of the Venezuela Foods business; fluctuations in foreign exchange
rates; the company's ability to realize the earnings benefits from the
integration of its distribution businesses; and other factors as may be
discussed in the company's Report on Form 10-K for the year ended Feb.
28, 1998, and other reports filed with the Securities and Exchange
Commission.
