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GRANDMET COMPLETES ACQUISITION OF MCGLYNN'S FROZEN DIVISION

 GRANDMET COMPLETES ACQUISITION OF MCGLYNN'S FROZEN DIVISION
 NEW YORK, Feb. 21 /PRNewswire/ -- On Jan. 8, 1992, Grand Metropolitan PLC announced the acquisition of McGlynn Bakeries Inc., an industry leader in high-quality frozen bakery products for the North American wholesale and retail trade. GrandMet is now pleased to announced completion of the transaction.
 The consideration has been satisfied by the issue to the shareholders of McGlynn's Bakeries of 6,690,496 new ordinary shares of GrandMet, credited as fully paid, and ranking in all respects with the existing ordinary shares of GrandMet (the "consideration shares"). The consideration of approximately L65 million ($120 million) is subject to final adjustment and may require the issue of a further small number of ordinary shares.
 Application has been made and permission granted by the London Stock Exchange for the consideration shares to be admitted to the official list.
 McGlynn's frozen products division, which has been renamed McGlynn Baked Goods Inc., will become part of Pillsbury's foodservice business. The new subsidiary will continue to manufacture and market a line of frozen dough, batter and frozen pre-baked products, chiefly croissants, Danish, puff pastries, muffins and cookies. The transaction will be immediately positive to GrandMet's earnings per share.
 The acquisition will complement Pillsbury's baked goods business, where it is already a leading provider of baking and other products to foodservice and bakery outlets.
 The transaction does not include McGlynn's retail bakery operations or its cake decorating supply business.
 Grand Metropolitan PLC, one of the largest international companies in the United Kingdom and a world leader in drinks, retailing and food, has sales of more than $15 billion. U.S. subsidiaries include ALPO Petfoods, Burger King, Carillon Importers, Haagen-Dazs, Heublein, The Paddington Corporation, Pearle, Inc., Pillsbury and GrandMet Foodservice USA.
 -0- 2/21/92
 /CONTACT: Terry J. Thompson of Pillsbury, 612-330-4768/ CO: Grand Metropolitan PLC, McGlynn's Bakeries ST: Minnesota IN: FOD SU: TNM


AL -- MN004 -- 1341 02/21/92 11:08 EST
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Publication:PR Newswire
Date:Feb 21, 1992
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