Int'l Multifoods Closes on 650,000-SF Industrial Buy

TOLEDO, OH-Minnetonka, MN-based International Multifoods Corp. will move its part of its Pillsbury and Hungry Jack brand manufacturing operations to a newly acquired plant here. General Mills’ sold the 650,000-sf facility as part of Multifoods $316-million buyout of the Pillsbury desserts and specialty products business in November 2001.

The plant will produce Pillsbury’s baking mixes and ready-to-spread frostings, and Hungry Jack pancake mixes, which Multifoods acquired subsequent to General Mills’ merger with Pillsbury. The facility will also house a distribution center. Multifoods still owes $11.5 million on the purchase of the plant, half of which will be paid in March and the remainder six month later.

“Today’s announcement represents another major milestone in Multifoods’ transition to a branded packaged foods company,” says Gary E. Costley, International Multifoods chairman and chief executive officer. “We are pleased to be closing on the purchase of this state-of-the-art manufacturing facility. This site will allow us to better serve our customers, and at the same time, it gives us room to grow.”