UNITED STATES
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): March 10, 1999
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Specialty Foods Acquisition Corporation
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(Exact name of registrant as specified in its charter)
State of Delaware 33-68958 75-2488183
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(State or other jurisdiction (Commission File No.) (I.R.S. Employer
of incorporation or organization) Identification No.)
520 Lake Cook Road, Suite 550, Deerfield, IL 60015
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 405-5300
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ITEM 5. OTHER EVENTS
1. On March 10, 1999, Specialty Foods Corporation (SFC)
announced that it has reached a definitive agreement to sell
its H&M Food Systems Company, Inc. subsidiary to IBP, inc. Terms
of the transaction, which is expected to close within 60
days subject to regulatory approval, were not disclosed.
ITEM 7. FINACIAL STATEMENTS AND EXHIBITS
Exhibit No.
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99.1* Press Release dated March 10, 1999 of SFC
SIGNATURES
Pursuant to 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.
SPECIALTY FOODS ACQUISITION CORPORATION
(Registrant)
Date: March 10, 1999 By: /s/ Robert L. Fishbune
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Robert L. Fishbune
Vice President and Chief
Financial Officer
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* Filed herewith.
EXHIBIT 99.1
FOR IMMEDIATE RELEASE: March 10, 1999
SPECIALTY FOODS TO SELL H&M FOOD UNIT TO IBP
DEERFIELD, IL and DAKOTA CITY, NE -- Specialty Foods
Corporation and IBP, inc. (NYSE: IBP) today announced that
they have reached a definitive agreement for Specialty Foods
to sell its H&M Food Systems Company, Inc. subsidiary to
IBP. Terms of the transaction, which is expected to close
within 60 days subject to regulatory approval, were not
disclosed.
H&M Food Systems is a leading producer of custom-
formulated pre-cooked meat products and prepared foods. The
company operates manufacturing facilities in North Richland
Hills and Lampasas, Texas.
"The sale of H&M furthers our strategy of focusing
Specialty Foods on its core baking business," said Lawrence
Benjamin, President and CEO of Specialty Foods. "H&M is a
great business and has enormous potential as part of IBP."
"We are excited at the opportunity to welcome H&M Foods as the newest
member of the IBP family," said Robert Peterson, Chairman
and CEO of IBP, inc. "This acquisition is the latest step
in our continuing diversification into further processed and
value-added manufacturing. H&M Foods, with its great operations
and strong customer relationships, is a great complement to
IBP Enterprises and Foodbrands America."
Specialty Foods bakery operations include: Metz Baking
Company, a leading retail bread company serving a sixteen-
state area in the Midwestern U.S.; Archway Cookies and
Mother's Cookies, which combined are the nation's third
largest cookie company; and Andre-Boudin Bakeries of San
Francisco, which has been producing its classic sourdough
bread since 1849.
IBP is the world's leading producer of high quality
fresh beef and pork, and supplies premium, fully-prepared
meats and other consumer-ready foods for the retail and
foodservice industries. The company has over 45 operating
facilities in North America and employs more than 40,000
people.
For information on IBP, please contact:
Gary Mickelson
IBP Public Affairs
(402) 241-2986
For information on Specialty Foods please contact:
Andy Stern
Sunwest Communications
(214) 373-1601
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