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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
Date of Report (Date or earliest event reported): July 10, 1998
DEL MONTE FOODS COMPANY
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(Exact Name of Registrant as Specified in Charter)
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Delaware 333-36374-01 13-3542950
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(State or Other Jurisdiction (Commission (IRS employer
of Incorporation) File Number) Identification No.)
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One Market, San Francisco, California 941015
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415) 247-3000
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Not Applicable
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(former name or former address, if changed since last report)
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Item 5. Other Events.
On July 10, 1998, Del Monte Corporation (the "Company") entered into an
agreement (the "Master Agreement") with Compania Venezolana de Conservas C.A.
(Covenco) and Nabisco, Inc. ("Nabisco"). The Company is a wholly-owned
subsidiary of Del Monte Foods Company ("Parent"). Pursuant to the Master
Agreement, and subject to the terms and conditions thereof, the Company will
reacquire rights to the Del Monte brand in South America and will purchase
Nabisco's canned fruits and vegetables business in Venezuela.
A copy of the press release issued by the Company on July 14, 1998 is
attached hereto as Exhibit 99 and is incorporated by reference herein.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
99 Press release issued by Del Monte Foods Company on July 14, 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: July 15, 1998
DEL MONTE FOODS COMPANY
(Registrant)
By: /s/ RICHARD G. WOLFORD
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Name: Richard G. Wolford
Title: Chief Executive Officer
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EXHIBIT INDEX
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99 Press release issued by Del Monte Foods Company on July 14, 1998.
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EXHIBIT 99
DEL MONTE FOODS REGAINS RIGHTS TO DEL MONTE BRAND
IN SOUTH AMERICA
SAN FRANCISCO, CA - JULY 14, 1998 - Del Monte Foods Company announced today an
agreement with Nabisco, Inc. to reacquire rights to the Del Monte brand in
South America and to purchase Nabisco's canned fruits and vegetables business
in Venezuela.
Terms of the transaction were not disclosed.
Nabisco had retained ownership of the Del Monte brand in South America and the
Venezuela Del Monte business when it sold other Del Monte businesses in 1989.
The Venezuela business, with 1997 sales of (US) $17 million, includes
Venezuela's largest processed fruit, vegetable and specialty products
operation. A food processing plant in Tumero, Venezuela, approximately 160
miles southwest of Caracas, was part of the sale.
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"This acquisition gives us access to a number of high growth emerging markets
which hold significant opportunity for Del Monte branded products," said Richard
G. Wolford, Chief Executive Officer of Del Monte Foods. "It enables Del Monte
Foods to consolidate the Del Monte trademark and continue to pursue its branded
growth strategy by developing South American markets."
"While profitable with leading market shares, our Venezuelan canned Foods
business does not fit Nabisco's long term focus for the development of our
International business," said Nabisco President and Chief Executive Officer
James M. Kilts.
Del Monte Foods Company is the largest branded processor of canned fruits,
vegetables and tomatoes in the United States. Its principal brands include Del
Monte and Contadina canned products.
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