Printer Friendly

BP NUTRITION AGREES TO SALE OF PURINA MILLS

 CLEVELAND, June 23 /PRNewswire/ -- BP Nutrition and The Sterling Group, Inc. have reached agreement on the sale of Purina Mills, Inc. in the United States for approximately $425 million subject to certain contingencies and adjustments. The transaction is expected to be finalized in the third quarter of 1993.
 Purina Mills is the largest supplier of animal feeds in the United States and has its headquarters in St. Louis. It operates 54 feed mills and has approximately 2,600 employees. Purina Mills produces and markets livestock, companion animal and specialty feeds under Purina Mills and PMI Nutrition brands throughout the United States, and under PMI Feeds brand internationally. It operates an animal nutrition and management research center in Gray Summit, Mo.
 BP Nutrition Chief Executive Robin Gourlay said, "BP has been making a managed exit from its worldwide nutrition business in order to concentrate on its hydrocarbon based activities. We have been investigating various possibilities for the sale of Purina Mills. This is our third big transaction this year and we are very pleased with the outcome which combines value for BP with a promising future for Purina Mills."
 The Sterling Group is a Houston-based private financial organization which acts as principal and investment bankers in leveraged and management buyout transactions. William C. Oehmig, a principal of Sterling, stated that the purchase is being made by an investor group led by The Sterling Group. Other investors will include Purina Mills management and there will be an Employee Stock Ownership Plan.
 -0- 6/23/93
 /NOTE TO EDITORS: With Purina Mills, BP Nutrition has realized over $1 billion from the sale of assets to date, including $375 million for the Consumer Products Division and $124 million for Consumer Foods./
 /CONTACT: Ian Fowler, media relations, 216-586-4976, or Terry LaMore, investor relations, 216-586-6220, both of BP/


CO: BP Nutrition, Purina Mills; The Sterling Group, Inc. ST: Ohio, Missouri IN: OIL SU: TNM

BM -- CL007 -- 4908 06/23/93 09:59 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 23, 1993
Words:327
Previous Article:ALLEN R. GLASSBURN TO BE ELECTED PRESIDENT OF KINGSPORT POWER COMPANY
Next Article:EDS SELECTED TO IMPLEMENT NEW BILLING AND COLLECTIONS SYSTEM FOR TELEFONICA
Topics:


Related Articles
CURTICE BURNS ANNOUNCES DEFINITIVE AGREEMENT TO SELL NATIONAL OATS
CURTICE BURNS ANNOUNCES DEFINITIVE AGREEMENT TO SELL NATIONAL OATS
NEW CAMPAIGN ADVOCATING AMERICAN FOOD PRODUCTION INDUSTRY
Purina Mills Assigned New Ratings by S&P; Outlook Stable
Ralston Purina Selects LifeMinders.com for Targeted E-Mail Initiative.
LifeMinders.com Breeds with Ralston Purina to Create New Pet Category.
Geneticists Discuss Progress of Canine Genome Project at Ralston Purina Press Briefing.
Geneticists at Purina Briefing Tout Dogs' Role in Human Genetic Research.
BISSELL & Purina Partner to Co-Brand Pet Care Products.
RespondTV Brings Interactive TV to Life With E-Commerce Programming Enhancements for Chris-Craft/United Television's WWF Smackdown! On San Francisco...

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters