International Multifoods sells Venezuelan agro-business unit

by Teresa Acklin
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   WAYZATA, MINNESOTA, U.S. — International Multifoods Corp. has sold its discontinued Venezuelan agriculture and animal feed business, Alimentos Super-S, C.A., and continues to seek a buyer for its consumer and commercial foods business in that country.

   Multifoods sold Alimentos Super-S for U.S.$27.5 million in cash to La Caridad Group, a privately held integrated poultry producer based in Venezuela.

   Alimentos Super-S had revenues of U.S.$117 million in fiscal 1999. The remainder of Multifoods' Monaca operation in Venezuela — including Robin Hood wheat flour and baking mixes, Juana corn flour and Lass oat cereal — had fiscal 1999 sales of U.S. $230 million. It includes 11 grain processing facilities and several warehouses throughout Venezuela.

   Multifoods has sought a buyer for its Venezuelan businesses since breaking off acquisition discussions with Archer Daniels Midland Co. last fall.