ORANGE-CO ANNOUNCES THE ACQUISITION OF 52.3 PERCENT OF ITS STOCK BY BEN HILL GRIFFIN, INC. AND BEN HILL GRIFFIN III OF FROSTPROOF, FLA.
ORANGE-CO ANNOUNCES THE ACQUISITION OF 52.3 PERCENT OF ITS STOCK BY BEN HILL GRIFFIN, INC. AND BEN HILL GRIFFIN III OF FROSTPROOF, FLA. BARTOW, Fla., May 28 /PRNewswire/ -- Orange-co, Inc. (NYSE: OJ) announced today that Ben Hill Griffin, Inc. and Ben Hill Griffin III had completed the acquisition of 52.3 percent of the outstanding common stock of Orange-co, Inc. from Stoneridge Resources, Inc. ("Stoneridge") as previously announced on April 9, 1992. Immediately following the acquisition, at a meeting of the board of directors of Orange-co, the resignations of Robert W. Anestis, Dr. David J. Brophy, Thomas L. Kelly II, R.L. Richards and Doug T. Valassis as directors of Orange-co were accepted, and Mr. Griffin, John R. Alexander, W. Bernard Lester, Corneal Bernard Myers Jr. and Thomas H. Taylor Sr. were elected to serve for the remainder of the unexpired terms of the resigning Stoneridge-affiliated directors. At this meeting, Mr. Griffin was elected to serve as chairman of the board and chief executive officer of Orange-co, and Robert A. Peiser, the president of Orange-co, was designated as the chief operating officer of the company. Also at the meeting, John K. Cannon was replaced by Alexander as secretary of Orange-co. Mr. Griffin, who also serves as chairman of the board, president and chief executive officer of Ben Hill Griffin, Inc. and has extensive experience in the citrus industry, indicated that he was happy to be associated with Orange-co and looked forward to a long-lasting relationship with the company. Ben Hill Griffin, Inc. is a privately owned agribusiness company in central Florida that is well-known within the Florida citrus industry. Orange-co is a grower and processor of citrus products and a packager and distributor of a growing variety of beverage products. -0- 5/28/92 /CONTACT: Ben Hill Griffin III, chairman and chief executive officer, Orange-co, Inc., 813-635-2251/ (OJ) CO: Orange-co, Inc.; Ben Hill Griffin, Inc. ST: Florida IN: FOD SU: TNM PER
JG -- DE028 -- 4947 05/28/92 17:05 EDT
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|Date:||May 28, 1992|
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