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Article: Philip Morris to Buy Coffee, Candy Firm;$3.8 Billion Offered for Swiss Conglomerate
- Article from:
- The Washington Post
- Article date:
- June 23, 1990
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Philip Morris Cos., makers of Maxwell House Coffee and Marlboro
cigarettes, took another step away from the tobacco business when it
announced yesterday it would acquire for $3.8 billion Swiss coffee
and chocolate maker Jacobs Suchard AG.
When the acquisition is completed, Philip Morris, the largest
maker of packaged food goods and tobacco products in the United
States, will become the third largest food company in Europe.
Suchard, with sales of $4.7 billion, will retain its name and
Zurich offices but will be linked with Philip Morris's Kraft General
Foods International unit.
"We feel it certainly enhances our position in Europe," said
Alice T. McGillion, spokesman for Philip ...