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INTEGRATED INGREDIENTS PLANS TO PURCHASE ASSETS OF PROVESTA CORP.

 BARTLESVILLE, Okla., Oct. 7 /PRNewswire/ -- Phillips Petroleum Company (NYSE: P), announced today that it has signed a letter of intent for the sale of some assets of its wholly owned subsidiary Provesta Corporation to Alameda, Calif.-based Integrated Ingredients, a division of Burns Philp Food, Inc., San Francisco. Specific assets and terms were not disclosed.
 The transaction is subject to approval of the board of directors of Burns Philp Food parent Burns Philp and Company Limited, Sydney, Australia, a food technology company and Phillips Petroleum.
 Provesta will merge its operations with Integrated Ingredients, which develops products compatible with the Provesta line of yeast-based flavor ingredients for the food industry.
 Integrated Ingredients was established in 1990 by joining five Burns Philp operating groups under the same sales and marketing umbrella. These operating groups are: Fleishmann's Yeast and Vinegar; Durkee French Spices; Spice Islands Industrial; Pure Culture Products; and Mauri Products.
 David N. Wilson, president, Integrated Ingredients, said, "We anticipate a smooth transition of ownership as there is a synergy between our product lines." Both Burns Philp and Phillips Petroleum were pioneers in the development of continuous yeast fermentation technology. "We intend to continue to supply the quality products and technical support services associated with the Provesta name, which also will be maintained," Wilson added.
 John Norell, Provesta president, said "The continued growth of Provesta for five straight years through 1993 was attractive to Burns Philp management." Phillips Petroleum had previously announced it was planning to divest itself of non-core assets as it restructured to concentrate on its core petroleum business units.
 -0- 10/7/93
 /CONTACT: David Wilson, president of Integrated Ingredients, 510-748-6353; John Norell, president of Provesta Corp., 918-661-5847; or Alan Hirsch or Peter Dobrow of G+A Communications, 212-221-2267/
 (P)


CO: Provesta Corporation; Integrated Ingredients; Phillips Petroleum
 Company; Burns Philp Food, Inc. ST: Oklahoma, California IN: FOD SU:


PS-SH -- NY011 -- 9709 10/07/93 11:00 EDT
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Publication:PR Newswire
Date:Oct 7, 1993
Words:318
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