CFP Holdings/Quality Foods deal generates a new dynamic in fast-growth meat/poultry processing industry.MONTEBELLO, Calif.--(BUSINESS WIRE)--March 3, 1997--Richard Griffith, vice chairman, CFP 1. CFP - Constraint Functional Programming. 2. CFP - Communicating Functional Processes. 3. CFP - Call For Papers (for a conference). Holdings Inc., and Robert Gioia, president and chief executive officer, CFP Holdings Inc., have formally announced that CFP Holdings has acquired Quality Foods L.P. With headquarters in Philadelphia, Quality Foods is the nation's leading processor and marketer of thinly sliced beef and poultry poultry, domesticated fowl kept primarily for meat and eggs; including birds of the order Galliformes, e.g., the chicken, turkey, guinea fowl, pheasant, quail, and peacock; and natatorial (swimming) birds, e.g., the duck and goose. . Like it's sister company in California, Custom Food Products Inc., Quality Foods will operate as a stand-alone company stand-alone company An independent operating firm. For example, a large diversified firm may consider spinning off a subsidiary because, as a stand-alone company, the subsidiary would command a higher price-earnings ratio than the parent. and subsidiary of CFP Holdings. Gioia, chairman/chief executive officer of Quality Foods, will assume additional responsibilities as president/chief executive officer of CFP Holdings. In his remarks, Gioia commented: "This acquisition enables Quality Foods to build on its long history of strong growth by leveraging its well-established distribution with the broad product line offered by Custom Food Products. Perhaps even more important, the two sister companies create a significant and dynamic presence in the fast-growing value-added segments of the meat and poultry industry." In his announcement, Griffith, vice chairman of CFP Holdings and president/chief executive officer of Custom Food Products, stated: "The acquisition represents an important step in the evolution of CFP as a leader in its niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. . While both companies will maintain their past focus on superior products and outstanding customer service, the combination will result in the development of new expansion opportunities. "In addition, each company will enjoy the significant benefits derived from greater management resources." Through its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , CFP Holdings is a leading developer, processor and marketer of value-added meat and poultry products for the food service and packaged food markets. From its five strategically located facilities across the country, CFP provides a wide range of pre-cooked, portion-controlled, and other products (i.e. sandwich steaks, charbroiled patties, crumble crum·ble v. crum·bled, crum·bling, crum·bles v.tr. To break into small fragments or particles. v.intr. 1. To fall into small fragments or particles; disintegrate. topping, meatballs, Mexican specialties, meat rolls used for further manufacturing). The company serves many of the leading national restaurant chains The following is a list of restaurant chains. See also: Fast-food restaurant, Casual dining, List of reference tables. International
CFP Holdings is controlled by Atlantic Equity Partners L.P., an affiliate of the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of investment firm First Atlantic Capital Ltd. CONTACT: Custom Food Products Inc., Montebello Eric W. Ek, 213/727-0900 |
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