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Article: International Multifoods Enters Into Agreement to Sell Its Foodservice Distribution Business; Decision Underscores Multifoods' Focus on Branded Food Products.
- Article from:
- Business Wire
- Article date:
- July 30, 2002
CopyrightCOPYRIGHT 2002 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
MINNEAPOLIS--(BUSINESS WIRE)--July 30, 2002
Company to Account for Unit as Discontinued Operation;
Transaction to Reduce Fiscal 2003 EPS Up to 40 Cents
International Multifoods Corp. (NYSE:IMC) today announced that it has entered into an agreement with a newly formed affiliate of Wellspring Capital Management LLC, a private equity investment firm based in New York City, to sell the stock of its foodservice distribution business for approximately $180 million in cash, subject to closing adjustments, such as the level of working capital. The purchase price assumes a working capital level at closing of about $135 million.