Del Monte Foods Company Acquires ICMOSA and Certain Assets of UniMark Foods; Supports Del Monte's Chilled Fruit Products.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Del Monte Foods Del Monte Foods (NYSE: DLM) is an American food production and distribution company based in San Francisco, California. It offers canned goods in Del Monte, S&W and Contadina brands, pet foods under Kibbles n' Bits, 9Lives, Pounce, Milk-Bone and several premium brands, Company (NYSE NYSE See: New York Stock Exchange : DLM See ILM. DLM - Distributed Lock Manager on distributed VMS systems. ) announced today that its principal operating subsidiary, Del Monte Corporation, has acquired Industrias Citricolas de Montemorelos, S.A. de C.V. (ICMOSA), a Mexican subsidiary of the UniMark Group (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). Pink Sheets: UNMG.PK), and certain assets of UniMark Foods. The purchase price for ICMOSA and the UniMark Foods assets totals US$950,000. Del Monte also made capital contributions to ICMOSA of approximately US$5.6 million at closing to enable it to, among other things, extinguish certain debt obligations. "ICMOSA has consistently supplied high quality products to our fruit business for over 4 years," said Richard G. Wolford, Del Monte chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Del Monte has grown its business with ICMOSA over time and now represents over 80% of its revenues. By acquiring this business, we will have increased flexibility to drive successful innovation in the rapidly growing packaged fruit produce business using our Fruit Naturals(R) and Sun Fresh(R) brands." ICMOSA, based in Montemorelos, Mexico, is a producer and distributor of processed tropical and citrus fruits. Its primary customer is Del Monte. The company also produces food ingredients for select food service companies outside the U.S. UniMark Foods, based in Dallas, Texas, markets and sells ICMOSA products to the U.S. Food Service Channel. Del Monte Foods is one of the country's largest and most well-known producers, distributors and marketers of premium quality, branded and private label food and pet products for the U.S. retail market, generating over $3 billion in net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in fiscal 2004. With a powerful portfolio of brands including Del Monte(R), Contadina(R), StarKist(R), S&W(R), Nature's Goodness(TM), College Inn(R), 9Lives(R), Kibbles 'n Bits Kibbles 'n Bits is a brand name of dog food manufactured and marketed by Del Monte Foods. It was originally created in 1981 as the first dual textured dog food, having soft chewy pieces as well as hard crunchy ones. In 1995, the brand was acquired by Del Monte. (R), Pup-Peroni(R), Snausages(R), and NawSomes! (R), Del Monte products are found in nine out of 10 American households. For more information on Del Monte Foods Company, visit the Company's Web site at www.delmonte.com. This press release contains forward-looking statements conveying management's expectations as to the future based on plans, estimates and projections at the time such statements are made. The forward-looking statements contained in this press release include statements related to growth in the produce section and flexibility and continued innovation relating to certain of the Company's products. Forward-looking statements involve inherent risks and uncertainties and the Company cautions you that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statement, including failure to smoothly manage the transition of ownership of ICMOSA and the UniMark Food's assets and other risks and uncertainties described in more detail, from time to time, in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended May 2, 2004. Investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not undertake to update any of these statements in light of new information or future events. |
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