Kansas City Business News
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American Italian Pasta Company Hires
Food Industry Veteran Jack Kelly
KANSAS CITY, (PRNewswire-FirstCall), November 7, 2007 - American Italian Pasta Company (Pink Sheets: AITP), the largest producer of dry pasta in North America, has announced that Jack Kelly, a 30-plus-year food industry executive who has led several private companies including San Antonio Farms and Fiorucci Foods and held senior positions at Haagen-Dazs and Kraft Foods, has been named chief operating officer.
Mr. Kelly, age 55, will become AIPC's new president and chief executive officer after the company completes the final phase of its previously announced restatement of certain historical financial statements. He will succeed Jim Fogarty, a managing director with Alvarez & Marsal who has served as the company's president and CEO since September 2005.
"American Italian Pasta Company has made tremendous strides over the past two years under Jim Fogarty's leadership along with the support of our customers and, most importantly, the tireless efforts of our dedicated employees," said Bill Patterson, Chairman of the Board of Directors.
"The company has significantly strengthened operations, increased revenue and volume, reduced net debt and executed a strategic business plan that has provided a positive direction and strong foundation for the future," said Jim Fogarty, AIPC CEO. "While challenges remain, including the price pressures in the durum wheat market, AIPC has made great strides, and is looking ahead with excitement and anticipation," he added.
The AIPC Board of Directors conducted a comprehensive national search for a new leader. "Jack is an established leader with an impressive background in the food industry, including the private label, branded, ingredient and food service segments," added Chairman Patterson. "He has a proven track record of growing revenues, driving value and improving operations at both entrepreneurial organizations as well as large companies. As AIPC prepares to move beyond the restatement process and issues of the past, Jack is well equipped to continue to build on our progress."
"On behalf of the board, we are pleased with the recent announcement of our shareholder settlement and the addition of Jack, as both events are important steps forward for AIPC," added Patterson. "I appreciate the dedication of each member of the board in guiding the company through this difficult period and putting it on a solid foundation as we move forward."
"I am delighted by the opportunity to lead AIPC into its next phase," said Mr. Kelly. "AIPC has earned a reputation among its customers for exceptional quality and service and is now solidly positioned, operationally and financially. I am looking forward to working with this talented management team and employees throughout the company to build on the company's strengths in all channels, including private label, branded, ingredient and food service products, and continue to deliver innovative offerings that are in line with consumer demands and drive value for our customers."
Mr. Kelly has served in senior positions at Haagen-Dazs Company, Inc., Kraft Foods, Inc. and Oscar Mayer Foods Corporation. Mr. Kelly was the chief executive officer of Fiorucci Foods, Inc., a privately held subsidiary of Cesare Fiorucci SPA, the largest processed meats company in Italy. Mr. Kelly also served as president and CEO of San Antonio Farms, a maker of Mexican sauces for private label and food service customers that was acquired by TreeHouse Foods in 2007. During his nearly five-year tenure, he developed and successfully executed a strategic plan that increased store brand sales, expanded the company's products in club, foodservice and mass channels and improved overall operations. He is a graduate of St. Joseph's University.
Founded in 1988 and based in Kansas City, Missouri, American Italian Pasta Company is the largest producer of dry pasta in North America. The Company has four plants that are located in Excelsior Springs, Missouri; Columbia, South Carolina; Tolleson, Arizona and Verolanuova, Italy. The Company has approximately 600 employees located in the United States and Italy.
Applebee's Stockholders Approve Acquisition by IHOP Corp
KANSAS CITY, (PRNewswire-FirstCall), November 4, 2007 - Applebee's International, Inc. (Nasdaq:APPB) has announced that, at a special meeting of stockholders held October 30, Applebee's stockholders voted to adopt the merger agreement between the company and IHOP Corp. (NYSE:IHP). Shares voted in favor of the adoption of the merger agreement represented more than 70 percent of the total issued and outstanding common shares.
As previously announced, on July 15, 2007, IHOP Corp. ("IHOP") and Applebee's International, Inc. ("Applebee's") entered into a definitive agreement under which IHOP will acquire Applebee's for $25.50 per share in cash, representing a total transaction value of approximately $2.1 billion.
The transaction is expected to close by November 29, 2007, subject to satisfaction or waiver of additional customary closing conditions set forth in the merger agreement.
Applebee's International, Inc., headquartered in Overland Park, Kan., develops, franchises and operates restaurants under the Applebee's Neighborhood Grill & Bar brand, the largest casual dining concept in the world. As of September 30, there were 1,953 Applebee's restaurants operating system-wide in 49 states, 17 international countries and one U.S. territory, of which 510 are company-owned.
The IHOP family restaurant chain has been serving a wide variety of breakfast, lunch and dinner selections for more than 45 years. Offering 14 types of pancakes as well as omelettes, breakfast specialties, burgers, sandwiches, salads, chicken, and steaks, IHOP's diverse menu appeals to people of all ages. IHOP restaurants are franchised and operated by Glendale, California-based IHOP Corp. As of September 30, 2007, the end of IHOP's third quarter, there were 1,328 IHOP restaurants in 49 states, Canada, Mexico and the U.S. Virgin Islands.
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