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PILLSBURY SELLS HOLDINGS IN JAMAICA FLOUR MILLS LTD. TO CALDON FINANCE MERCHANT BANK

 PILLSBURY SELLS HOLDINGS IN JAMAICA FLOUR MILLS LTD.
 TO CALDON FINANCE MERCHANT BANK
 MINNEAPOLIS, April 2 /PRNewswire/ -- Pillsbury and Caldon Finance Merchant Bank Limited (Jamaica), announced today that Caldon has acquired Pillsbury's shareholdings in Jamaica Flour Mills Limited and that the additional shares of Jamaica Flour Mills over which Pillsbury had voting control were also acquired by Caldon. Terms were not disclosed.
 Pillsbury has been involved in Jamaica Flour Mills since the inception of J.F.M. over 20 years ago. Pillsbury, which provided the technical expertise to construct and operate the flour mill, said the business no longer fits the company's strategy and geographic emphasis. Henry Fullerton, chairman of Caldon, said that the acquisition of this strategic asset by the Caldon Group is consistent with the bank's declared objective of supporting Jamaica's development.
 Caldon Finance Merchant Bank Limited is an established Jamaican financial institution with a reputation for high quality service and a growing list of clients in manufacturing agriculture and agro-industry. The bank is a leader in banking services related to acquisitions, sale and lease-back and management buy-outs.
 Pillsbury is a subsidiary of the Food Sector of Grand Metropolitan PLC, one of the largest international companies in the United Kingdom and a world leader in drinks, retailing and food. GrandMet sales are in excess of $15 billion.
 -0- 4/2/92
 /CONTACT: Henry Fullerton of Caldon, 809-926-7544, or Terry Thompson of Pillsbury, 612-330-4768/ CO: Pillsbury, Grand Metropolitan, Caldon Merchant Bank LTD ST: Minnesota IN: FOD SU:


AL -- MN006 -- 4344 04/02/92 11:34 EST
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Publication:PR Newswire
Date:Apr 2, 1992
Words:257
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