RYKOFF-SEXTON INC. ANNOUNCES JOINT VENTURE BETWEEN ITS SUBSIDIARY, TONE BROTHERS INC., AND DEVON PLANTATIONS LTD.
RYKOFF-SEXTON INC. ANNOUNCES JOINT VENTURE BETWEEN ITS SUBSIDIARY, TONE BROTHERS INC., AND DEVON PLANTATIONS LTD. LOS ANGELES, Feb. 10 /PRNewswire/ --- Rykoff-Sexton Inc. (NYSE: RYK) today announced that its Tone Brothers Inc. subsidiary, based in Des Moines, Iowa, has formed a joint venture company with Devon Plantations Ltd. of Bangalore, India, for the preparation and packaging of black pepper. The new company, Cochin Spices Ltd., will be owned equally by the two firms. Its entire initial output will be provided to Tone Brothers, which processes approximately 5 million pounds of black pepper per year for sale throughout North America and the Pacific Rim. K.P. Philip, a director of Devon Plantations, will also be the managing director of the new venture, which is located in Cochin, a port city on India's western coast. The companies expect from 500,000 to 1 million pounds of black pepper will be shipped the first year from a facility that is scheduled for completion this spring. "India is one of the world's most fertile growing areas for spices and herbs, and it is our hope to expand our processing capabilities there in the future," said F. Christopher Cruger, president of Tone Brothers. "Our new venture will provide certain economies and assure a continuous flow of product with consistently high quality," Cruger added, noting that this is the company's first international operation. Rykoff-Sexton is a leading manufacturer and distributor of food and related products for restaurants, institutions and membership warehouse stores nationwide. Manufacturing, processing and packaging operations are based in Los Angeles; Indianapolis; Englewood, N.J.; Brooklyn, N.Y.; and Des Moines, Iowa. The company's 31 distribution centers are located throughout the United States. -0- 2/10/92 /CONTACT: Roger W. Coleman, president of Rykoff-Sexton, 213-622-4131; F. Christopher Cruger of Tone Brothers, 515-262-9721; or Roger S. Pondel of Rifkind Pondel & Parsons, 310-207-9300, for Rykoff-Sexton/ (RYK) CO: Rykoff-Sexton Inc.; Tone Brothers Inc.; Devon Plantations Ltd. ST: California, Iowa IN: FOD SU: JVN
JL -- LA005 -- 8156 02/10/92 09:31 EST
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|Date:||Feb 10, 1992|
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