990347 Specialty Foods to Sell H&M Food Unit to IBP

Deerfield, IL - Specialty Foods Corporation and IBP, Inc. announced that they have reached a definitive agreement for Specialty Foods to sell its H&M Food Systems Company, Inc. subsidiary to IBP. Terms of the transaction, which is expected to close within 60 days subject to regulatory approval, were not disclosed.

H&M Food Systems is a leading producer of custom-formulated pre-cooked meat products and prepared foods. The company operates manufacturing facilities in North Richland Hills and Lampasas, Texas.

“The sale of H&M furthers our strategy of focusing Specialty Foods on its core baking business,” said Lawrence Benjamin, President and CEO of Specialty Foods. “H&M is a great business and has enormous potential as part of IBP.”

“We are excited at the opportunity to welcome H&M Foods as the newest member of the IBP family,” said Robert Peterson, Chairman and CEO of IBP, inc. “This acquisition is the latest step in our continuing diversification into further processed and value-added manufacturing. H&M Foods, with its great operations and strong customer relationships, is a great complement to IBP Enterprises and Foodbrands America.”

Specialty Foods bakery operations include: Metz Baking Company, a leading retail bread company serving a sixteen-state area in the Midwestern U.S.; Archway Cookies and Mother's Cookies, which combined are the nation's third largest cookie company; and Andre-Boudin Bakeries of San Francisco, which has been producing its classic sourdough bread since 1849.

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