Bestfoods Increases Dividend On Common Stock 8.9%.ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--Sept. 15, 1998--The Board of Directors of Bestfoods today increased the quarterly dividend on the company's common stock by 8.9% to 24.5 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , payable October 23, 1998, to stockholders of record on September 30, 1998. The company last increased the dividend in September 1997. Commenting on the increase, C. R. Shoemate, chairman and chief executive officer, said: "Our free cash flow is up significantly this year as a result of strong earnings improvement. This performance allows us to reward shareholders by increasing the dividend, while continuing our share buyback program at a slightly faster rate and maintaining our capability to fund future acquisitions." ABOUT BESTFOODS: Bestfoods, formerly CPC (1) (Central Processing Complex) An IBM mainframe that has two or more central processors (CPs) that share memory. It is the collection of processors, memory and I/O subsystems manufactured with a single serial number, typically all contained in one cabinet. International Inc., is among the largest U.S. food companies, with sales of $8.4 billion in 1997. Best known among Bestfoods' U.S. products are: Hellmann's and Best Foods Hellmann's and Best Foods are brand names that are used for the same line of mayonnaise and other food products. The Hellmann's brand is sold in the United States east of the Rocky Mountains, and also in Latin America, Europe, and Canada. mayonnaise and dressings; Mazola corn oil corn oil n. A pale yellow liquid obtained from the embryos of corn grains, used especially as a cooking and salad oil and in the manufacture of margarines. Noun 1. and margarine; Skippy peanut butter; Knorr soups, sauces, and bouillons; Entenmann's sweet baked products; Thomas' English muffins; Arnold, Brownberry, Freihofer's, and Oroweat breads; Boboli pizza crusts; Mueller's pasta; and Karo KARO Kane Amateur Radio Operators (Kane, PA) syrup syrup /syr·up/ (sir´up) a concentrated solution of a sugar, such as sucrose, in water or other aqueous liquid, sometimes with a medicinal agent added; usually used as a flavored vehicle for drugs. . Bestfoods' global Knorr brand comprises one of the world's most extensive lines of products. Bestfoods is one of the nation's most international food companies, with operations in more than 60 countries and products marketed in 110 countries. For more information about Bestfoods, visit the company's Web site on the Internet at: http://www.bestfoods.com. CONTACT: Bestfoods, Englewood Cliffs Media Thomas DiPiazza, 201/894-2556 or Analyst Bernard Kastory, 201/894-2837 |
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