Money's Mushrooms Makes Major US Acquisition.Business Editors LANGLEY, B.C.--(BUSINESS WIRE)--Dec. 20, 1999 Canada's largest mushroom producer announced today that it is taking a major position in the US market with the acquisition of Vlasic Foods International's fresh mushroom, spawn To launch another program from the current program. The child program is spawned from the parent program. (operating system) spawn - To create a child process in a multitasking operating system. E.g. and supplement business. Money's Mushrooms Ltd. is making the $75 C ($50 US) million acquisition to continue its growth in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market. Vlasic Foods International is a publicly traded US food company that produces and markets a condiment line under the Vlasic brand and the Swanson frozen food product line. It has made the decision to sell the fresh mushroom, spawn and supplement business in an effort to focus on its two key product areas. The acquisition will add approximately 100 million pounds of fresh mushroom production to Money's operations and give the company nine fresh mushroom farms at key locations in the US. The deal will more than double Money's revenues and is planned to close at the end of January 2000. Vlasic's current US sales for its mushroom operations are estimated to be $180 C ($120 US) million and has approximately 2000 employees. "This marks another major move in our corporate history. Going into the new century we will be more than twice as big as we were only a year ago and that means increased opportunities," Len Bykowski, President & Chief Executive Officer for Money's Mushrooms Ltd. said. "We're very excited about the potential to take the Money's brand further into the US and to add overall value to the company by really having a presence in the US. This will add to our existing business in the US that has largely been focused on the Pacific Northwest and will give us distribution throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. ," he continued. Last year Money's acquired Leaver Mushrooms, making it the largest fresh mushroom producer in Canada. Last month the company also strengthened its position in Quebec with the acquisition of Champignons A.M. Inc. The demands of globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation require that companies adapt to meet their customer needs. Money's Mushrooms has demonstrated that it can respond to these demands as it continues to expand from its original home market in British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Canada. Money's Mushrooms Ltd. currently has sales of over $140 C ($90 US) million annually and has operations across Canada Across Canada was an afternoon program that formerly aired on The Weather Network. The segment ran from early 1999 until mid 2002. The show ran from 3:00PM ET until 7:00 PM ET. . It is a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. that produces fresh and processed mushrooms for North American and offshore customers. The company employs 1,000 people in its Canadian operations. About Money's - Money's Mushrooms Ltd. is a Canadian success story. The company currently markets over 80 million pounds of fresh mushrooms per year and has sales of $140 ($90 US) million annually. - The company markets a variety of fresh and processed mushroom products in Canada, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and overseas to Japan and other Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. Countries. - Money's Mushrooms is Canada's largest mushroom producer. - Money's Mushrooms is an internationally recognized brand name, synonymous with synonymous with adjective equivalent to, the same as, identical to, similar to, identified with, equal to, tantamount to, interchangeable with, one and the same as leadership in the mushroom industry, superb quality, dependable supply and excellent market support. - The company has successfully increased consumer purchasing of mushrooms through innovative marketing programs for the produce trade and consumers. In Money's home market of British Columbia, consumers eat upwards of 7 pounds of fresh mushroom per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. each year. This surpasses fresh mushroom consumption anywhere else in the world. - Money's solid brand reputation is built on trust and respect from its customers, having produced premium mushrooms for over 70 years. Interestingly enough, the founder of the Company, W.T. Money, came to Canada from Virginia. - In addition to expanding local market operations and production capabilities, Money's has also been very focused on developing new and diversified market opportunities. - In 1998, the company acquired Leaver Mushrooms Co. Ltd. of Ontario, along with its subsidiary, Heritage Mushrooms of Alberta. Money's purchase of Leaver has provided the company with several new facilities in Alberta, Ontario and Prince Edward Noun 1. Prince Edward - third son of Elizabeth II (born in 1964) Edward Antony Richard Louis, Edward Island and marketing opportunities coast-to-coast. - In 1999 Money's acquired Champignons A.M. Inc., strengthening its presence in Quebec. - Money's has a workforce of approximately 1,000 salaried and hourly employees nationwide. |
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