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ORANGE-CO, INC. ANNOUNCES THE PURCHASE OF DRINK BASE COMPANY

 BARTOW, Fla., July 14 /PRNewswire/ -- Orange-co, Inc. (NYSE: OJ) announced the signing of a letter of intent to purchase the International Fruit, Inc. drink base business for an undisclosed amount. The additional business is expected to complement Orange-co's existing institutional beverage business with a line of frozen concentrated drink bases, marketed to dairies and other retail packers. This acquisition will broaden Orange-co's product line and customer base. International Fruit, Inc. sales of these drink base products last year were approximately $2 million.
 The purchase is scheduled to be completed in August 1993. Additionally, Orange-co is entering into a multi-year sales arrangement with the former principals, Gene Hays and George Nagel, to continue marketing these drink base products for Orange-co.
 Commenting on the purchase of International Fruit, Inc., Ben Hill Griffin III, chairman of the board and chief executive officer, said, "This acquisition provides Orange-co an expanded line of beverage products and a more diversified customer base. We are optimistic about the positive contribution this purchase will make as Orange-co continues to emphasize products and markets that complement its basic business."
 -0- 7/14/93
 /CONTACT: Dale A. Bruwelheide, vice president and chief financial officer, Orange-co, 813-533-0551/
 (OJ)


CO: Orange-co, Inc.; International Fruit, Inc. ST: Florida IN: FOD SU: TNM

KE -- DE031 -- 1648 07/14/93 17:53 EDT
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Publication:PR Newswire
Date:Jul 14, 1993
Words:218
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