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THE MORNINGSTAR GROUP REPORTS SUBSTANTIAL COMPLETION OF NON STRATEGIC ASSET DISPOSITION PROGRAM

 THE MORNINGSTAR GROUP REPORTS SUBSTANTIAL COMPLETION OF
 NON STRATEGIC ASSET DISPOSITION PROGRAM
 DALLAS, July 6 /PRNewswire/ -- The Morningstar Group Inc. (NASDAQ: MSTR) reported today that it has substantially completed its previously announced program of divesting non-strategic assets. Since 1990, Morningstar has raised approximately $77 million of cash proceeds from the sales of its fluid milk and ice cream operations. Substantially all of the proceeds from these divestitures were used to reduce indebtedness under the company's existing senior credit facilities.
 In transactions completed on July 1, Morningstar sold Embassy Dairy Inc., a fluid milk processor located in Waldorf, Maryland and High's Dairies Inc. an ice cream producer located in Laurel, Maryland. The company also sold unrelated real estate assets. The sales generated an aggregate total of approximately $10 million of cash.
 James A. Bach, Morningstar president and chief executive officer said, "With the successful completion of our divestiture program, we can now devote all of our financial and managerial resources towards building Morningstar into a refrigerated specialty foods company second to none."
 Morningstar's products distributed through its national refrigerated distribution system include Second Nature(R) and International Delight(R) and also include dairy based cultured and ultra-pasteurized products manufactured under various labels by Avoset Foods of California, Bancroft Dairy of Wisconsin, and Star Specialty Foods of Texas. Morningstar also operates Velda Farms, a leading manufacturer and distributor of dairy products in Florida.
 -0- 7/6/92
 /CONTACT: Tracy L. Noll, vice president and CFO of The Morningstar Group, 214-360-4777, or Roy Winnick of Kekst and Company, 212-593-2655, for The Morningstar Group/
 (MSTR) CO: The Morningstar Group Inc. ST: Texas, Maryland IN: FOD SU:


SH -- NY051 -- 6716 07/06/92 15:51 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
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