ContiGroup Companies to Sell U.S. Animal Nutrition Business -Wayne Feeds- to Ridley Inc

Business Wire, Feb 28, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--Feb. 28, 2000

ContiGroup Companies today announced that it has signed a definitive agreement to sell its U.S. Animal Nutrition Division (Wayne Feeds) to Ridley Inc. for approximately US $37 million. The Animal Nutrition Division will become part of Ridley's U.S. subsidiary, Hubbard Feeds, based in Mankato, Minnesota.

The sale is part of ContiGroup's effort to focus on its other major industrial operations, including cattle feeding and integrated pork and poultry production, while also ensuring the continued growth and development of the Animal Nutrition Division. The sale is expected to close within 30 days.

Under the terms of the agreement signed today, all Animal Nutrition Division employees will become employees of Hubbard Feeds on the day of the close. The Animal Nutrition Division employs 345 people and operates 12 plants throughout the Midwest and Mid-Atlantic United States.

ContiGroup Companies, Inc., formerly Continental Grain Company, is a diversified international agribusiness company headquartered in New York.