Borden Foods Selling Cracker Jack Business To Frito-Lay.COLUMBUS, Ohio--(BUSINESS WIRE)--Oct. 8, 1997--Borden Foods Corporation today said that it has reached a definitive agreement to sell its Cracker Jack Crack·er Jack A trademark used for a candied popcorn confection. candy coated popcorn business to Frito-Lay Company, a Plano, Texas-based unit of PepsiCo, Inc. (Purchase, New York Purchase, New York is a hamlet of the town of Harrison, in Westchester County. Its Zip code is 10577. Purchase is home to Purchase College, which is part of the State University of New York system, Manhattanville College, a private liberal arts college, and the headquarters ). Terms of the transaction were not revealed. "Americans have enjoyed Cracker Jack for just over a century," said Doug Smith Doug Smith may refer to:
Borden Foods announced in March that it would focus its business in the area of grain-based meal solutions and divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. a number of well-known but non-aligned businesses including Cracker Jack. The company intends to build upon its already strong position in pasta While the only basic difference between these names is the shape of the pasta, each pasta is typically matched with a particular sauce based on cooking time, consistency, ability to hold sauce, ease of eating, etc. and pasta sauce (sold under popular brand names including Classico, Creamette and Catelli) in addressing consumers' desires for meal solutions. Brand innovation and differentiation based on a thorough understanding of consumers are key elements of the strategy. Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Corporation is acting as financial advisor to Borden Foods in the Cracker Jack transaction, which is subject to customary government review. (Note to Editors: At Frito-Lay Company, contact Lynn Markley, 972-334-2404) CONTACT: Borden Foods Corporation Lynn S. Anderson 614-225-7199 or Nicholas R. Iammartino 614-225-4485 |
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