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MULTIFOODS OUTLINES STRATEGIES FOR FUTURE; SHAREHOLDERS ELECT DIRECTORS, APPROVE STOCK-BASED INCENTIVE PLAN AMENDMENT AT ANNUAL MEETING

 MINNEAPOLIS, June 25 /PRNewswire/ -- International Multifoods Corp. (NYSE: IMC) today reported at its annual meeting of stockholders that fiscal 1994 presents both opportunity and a challenging economic environment for the company.
 Approximately 175 shareholders attended the meeting at the Lutheran Brotherhood Auditorium and heard Tony Luiso, Multifoods chairman, president and chief executive officer, assess the company's position and outlook for fiscal 1994.
 "In spite of the current pricing pressures and the difficult economic environment we are experiencing, Multifoods is a more effective competitor today," Luiso said. "The strategies we are implementing are designed to make Multifoods a stronger, more competitive company. And we will not hesitate to take any steps necessary to stay on track."
 Luiso also outlined the strategies Multifoods has in place to take advantage of opportunities ahead in the marketplace and to set the company apart from its competition. "We will focus on satisfying customers' needs in each core business, strengthen our market positions through productivity and profitability initiatives, and continue to instill a value-added culture throughout the company. We also will reinforce our core businesses through internal investments and strategic acquisitions," he said.
 In balloting, more than 97 percent of the shares represented at the meeting approved the three candidates named in the proxy statement to the board of directors. Also, 89.9 percent of the votes present approved an amendment and restatement of the company's 1989 Stock-Based Incentive Plan, which provides directors the opportunity of taking stock options or restricted stock in lieu of retainer and fees. In addition, 99.4 percent of shares present approved the selection of KPMG Peat Marwick as the company's independent auditing firm for fiscal 1994.
 Minneapolis-based Multifoods, with annual sales of more than $2.2 billion, is a diversified food company with major operations in the United States, Canada and Venezuela.
 -0- 6/25/93
 /CONTACT: Jill Schmidt (media) of Tunheim Santrizos, 612-851-1625, for Multifoods; or Yolanda M. Scharton (investors) of Multifoods, 612-340-3621/
 (IMC)


CO: International Multifoods Corp. ST: Minnesota IN: FOD SU:

AL -- MN009 -- 5793 06/25/93 13:59 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
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