CPC International Changes Name to Bestfoods.ENGLEWOOD CLIFFS, N.J.--(BUSINESS WIRE)--Oct. 17, 1997--CPC International Inc. today announced that on January 1, 1998, it will change its name to Bestfoods. The name change is being made in connection with the spin-off of CPC's $1.5 billion corn refining business, which will be completed by year end 1997. Commenting on the new name, C. R. Shoemate, chairman and chief executive officer of 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. said, "This great new name says it all. It describes the business we're in, our commitment to excellence in everything we do, and our drive to perform consistently in the top rank of international food companies. "We will be a 100% branded foods company, marketing some of the best-known, best-quality food brands in the world: Hellmann's mayonnaise, Knorr soups, sauces, and bouillons, Skippy peanut butter, Mazola oil, Thomas' English muffins, and Entenmann's sweet baked goods, to name a few. These brands, and many others we market around the world, have strong market shares and excellent growth potential. In fact, CPC's branded foods operations have had a compound annual growth rate in sales and earnings of 11% over the last 10 years. We think that Bestfoods can do even better than that." The name Bestfoods has historical roots. The Best Foods, Inc. was a predecessor company of CPC. Also, the company's North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. business has been known as Best Foods for many years, and in the western U.S. as well as some countries of Asia it uses the Best Foods brand for its dressings. "We're delighted to be able to leverage this wonderful heritage as we go forward," Mr. Shoemate said. The New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors for Bestfoods will be BFO BFO Beat Frequency Oscillator BFO Basic Formal Ontology BFO Blinding Flash of the Obvious BFO Bunker Fuel Oil BFO Balanced Forearm Orthosis BFO Blood Forming Organ BFO Blazing Flash of the Obvious BFO Best & Final Offer BFO Bug-Fix Only , as of January 5, 1998. The company's new logo includes a distinctive symbol suggesting Bestfoods' vast international reach and the combined power of its two worldwide brands: Hellmann's and Knorr. Spin-off Company to be Called Corn Products International CPC also announced that the name of the spin-off company will be Corn Products International, with the ticker symbol CPO (Chief Privacy Officer) An individual who manages the privacy issues within an organization. Arising out of the privacy regulations in finance and health care in the late 1990s, the CPO position eventually crossed over to all industries. . Corn Products Refining Company was a predecessor company of CPC, and Corn Products has long been the name of CPC's North American corn refining operations. ABOUT CPC INTERNATIONAL: CPC International Inc. is among the largest U.S. food companies and ranks as one of the 100 largest industrial companies in the U.S., with sales of $9.8 billion in 1996. Best known among CPC's 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. CPC's global Knorr brand comprises one of the world's most extensive lines of products. CPC is one of the nation's most international food companies, with operations in more than 60 countries and products marketed in 110 countries. CPC is also one of the largest corn refiners, with operations in North America and Latin America. For more information about CPC, visit the company's Web site on the Internet at: http://www.cpcinternational.com CONTACT: Media contact Gale Griffin Vice President, Corp. Communications 201/894-2407 or Analyst contact John W. Scott V.P. Investor Relations Investor relations The process by which the corporation communicates with its investors. 201/894-2837 |
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