CPC International to become Bestfoods in 1998
ENGLEWOOD CLIFFS, N.J. (AP) _ CPC International Inc., whose brands include Mazola margarine, Hellmann’s mayonnaise and Skippy peanut butter, said Friday it will change its name to Bestfoods, effective Jan. 1.
The change reflects the planned spinoff of the company’s $1.5 billion corn refining business, to be completed by year’s end. That company will be called Corn Products International.
The New York Stock Exchange ticker symbol for Bestfoods will be BFO starting Jan. 5. Corn Products International’s ticker symbol will be CPO.
The Bestfoods name has historical significance to the company. Best Foods Inc. was a predecessor company of CPC, and CPC’s North American business has been known as Best Foods for many years. It markets dressings under the Best Foods brand in the western United States and in Asia.
CPC, based in Englewood Cliffs, N.J., had sales of $9.8 billion in 1996.