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MULTIFOODS COMPLETES SALE OF NORTH AMERICAN AG OPERATIONS

 MULTIFOODS COMPLETES SALE OF NORTH AMERICAN AG OPERATIONS
 MINNEAPOLIS, Dec. 3 /PRNewswire/ -- International Multifoods Corp. (NYSE: IMC) announced today that it has completed the sale of its North American Agriculture operations for approximately $146 million in cash.
 The operations, which include Multifoods U.S. and Canadian animal feed and grain merchandising businesses, were sold to AGP, L.P., a joint venture owned by Ag Processing Inc (80 percent), a grain processing and merchandising firm in Omaha, Neb., and Archer Daniels Midland (20 percent), an agricultural commodities company based in Decatur, Ill.
 The sale will result in a gain for Multifoods. However, the company is reviewing potential charges which could reduce or offset the impact of the gain on this year's earnings, said Tony Luiso, chairman, president and chief executive officer. These measures also could lessen the effect of the divestiture on future results. Proceeds from the sale will be used to reduce debt.
 "Multifoods is a food company first and foremost," said Luiso, "and our strategic thrust is on developing our food businesses which serve the away-from-home and at-home eating markets. Given our strategic thrust, the North American Agriculture businesses offered us limited growth potential. With the sale, we will be able to devote greater attention and resources to expanding our core food businesses."
 Included in the sale are 18 animal feed plants, 26 retail agricenters, and 18 grain elevators in the midwestern and eastern United States; and 11 animal feed plants and a hatchery in Canada. These businesses, which have annual net sales of approximately $230 million, employ 970 people, nearly all of whom were hired by AGP, L.P.
 Minneapolis-based International Multifoods, with fiscal 1991 net sales of $2.2 billion, is a diversified food company with major operations in the United States, Canada and Venezuela.
 -0- 12/3/91
 /CONTACT: (Media) Linda Berg, 612-340-3755 or (investors) Yolanda Scharton, 612-340-3621, both of International Multifoods/
 (IMC) CO: International Multifoods Corp.; Ag Processing Inc.; Archer Daniels
 Midland ST: Minnesota, Nebraska, Illinois IN: FOD SU:


DS -- MN002 -- 8623 12/03/91 09:14 EST
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Publication:PR Newswire
Date:Dec 3, 1991
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