MULTIFOODS HOLDS ANNUAL MEETING; ELECTS DIRECTORS
MULTIFOODS HOLDS ANNUAL MEETING; ELECTS DIRECTORS MINNEAPOLIS, June 26 /PRNewswire/ -- International Multifoods Corp.
(NYSE: IMC) held its annual meeting of shareholders today in Minneapolis.
Shareholders re-elected the following board members to three-year terms: Lois Dickson Rice, guest scholar, Brookings Institution, Washington, D.C.; Peter S. Willmott, chairman and chief executive officer, Willmott Services, Chicago; and Anthony Luiso, chairman, president and chief executive officer, Multifoods. William A. Andres, retired chairman of Dayton Hudson Corporation, Minneapolis, was elected to a one-year term. Shareholders also approved the appointment of KPMG Peat Marwick as Multifoods' independent public accountants for the fiscal year ending Feb. 28, 1993. A shareholder proposal relating to the company's share rights plan was approved. The proposal, submitted by two individual shareholders, proposed that shareholders recommend to the board of directors that the rights issued under Multifoods 1990 share rights plan be redeemed or that the plan be submitted to a shareholder vote. Luiso said that the shareholders' recommendation would be submitted to the board for consideration. Luiso recognized the company's 100th anniversary in 1992 and told shareholders at the meeting, "The one fundamental value that enabled this company to grow early on is the cornerstone of our mission today as we look forward to providing consistent returns and profitability to our shareholders. Then and now, we are dedicated above all else to meeting the needs and expectations of our customers, big and small. Focus on the customer, and the shareholder will prosper." Luiso reported on the company's financial progress over the past three years, including double-digit compounded annual growth in earnings per share and steady improvement in return on shareholders' equity. "Looking ahead, our businesses will benefit from a steady recovery of the economy," Luiso said. "But, let me assure you, we're not waiting for the economy. We're focusing on our customer groups and changing our structures, processes and thinking to better respond to our customers' needs." Minneapolis-based Multifoods, with fiscal 1992 net sales of $2.3 billion, is a diversified food company with major operations in the United States, Canada and Venezuela. /CONTACT: Linda K. Berg (media), 612-340-3755 or Yolanda M. Scharton (investors), 612-340-3621, both of Multifoods/ (IMC) CO: International Multifoods Corp. ST: Minnesota IN: FOD SU: PER
AL -- MN006 -- 4271 06/26/92 14:07 EDT
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|Date:||Jun 26, 1992|
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