Gary E. Costley, chairman, president and chief executive officer of International Multifoods Corp. (NYSE:IMC), told shareholders attending the company’s annual meeting yesterday at the University of Minnesota Carlson School of Management that Multifoods is well positioned to grow and enhance shareholder value in the years ahead.

“As I look forward, I can say that my confidence and my enthusiasm for Multifoods’ potential has never been greater,” Costley said. “The pending acquisition of the Pillsbury desserts and specialty products businesses and the U.S. Robin Hood brand, which we announced in February, is a transforming event for Multifoods that will create a powerhouse in the baking aisle. These brands are highly complementary to our existing grain-based foods business, and we believe that we have the focus and drive to ensure they succeed and grow.”

Costley also told the audience that the company continues to make the strategic investments in its businesses to capture future growth opportunities. “Multifoods is better equipped than ever to anticipate and respond to customer and market needs. With clearly defined growth strategies and the addition of strong brands, we will have a strong base for future growth, profit improvement and shareholder value creation.”

In balloting, shareholders voted to elect the two candidates named in the proxy as Class I directors and the one candidate named in the proxy as a Class II director to the International Multifoods board of directors. The Class I directors who were elected to three-year terms were: Lois D. Rice, guest scholar, The Brookings Institution, and Dolph W. von Arx, former chairman, Isolux Corp. Claire L. Arnold, chief executive officer, Leapfrog Services, Inc., was elected to a one-year term as a Class II director.

In addition, the shareholders approved the amendments to Multifoods’ 1997 stock-based incentive plan and ratified the appointment of KPMG LLP as the company’s independent auditors for the fiscal year ending March 2, 2002.

About International MultifoodsGary E. Costley, chairman, president and chief executive officer of International Multifoods Corp. (NYSE:IMCnews), told shareholders attending the company’s annual meeting today at the University of Minnesota Carlson School of Management that Multifoods is well positioned to grow and enhance shareholder value in the years ahead.

“As I look forward, I can say that my confidence and my enthusiasm for Multifoods’ potential has never been greater,” Costley said. “The pending acquisition of the Pillsbury desserts and specialty products businesses and the U.S. Robin Hood brand, which we announced in February, is a transforming event for Multifoods that will create a powerhouse in the baking aisle. These brands are highly complementary to our existing grain-based foods business, and we believe that we have the focus and drive to ensure they succeed and grow.”

Costley also told the audience that the company continues to make the strategic investments in its businesses to capture future growth opportunities. “Multifoods is better equipped than ever to anticipate and respond to customer and market needs. With clearly defined growth strategies and the addition of strong brands, we will have a strong base for future growth, profit improvement and shareholder value creation.”

In balloting, shareholders voted to elect the two candidates named in the proxy as Class I directors and the one candidate named in the proxy as a Class II director to the International Multifoods board of directors. The Class I directors who were elected to three-year terms were: Lois D. Rice, guest scholar, The Brookings Institution, and Dolph W. von Arx, former chairman, Isolux Corp. Claire L. Arnold, chief executive officer, Leapfrog Services, Inc., was elected to a one-year term as a Class II director.

In addition, the shareholders approved the amendments to Multifoods’ 1997 stock-based incentive plan and ratified the appointment of KPMG LLP as the company’s independent auditors for the fiscal year ending March 2, 2002.

About International Multifoods

International Multifoods is a manufacturer for and distributor to the foodservice industry in North America. The company also is a leading manufacturer and marketer of consumer foods in Canada. Further information about International Multifoods is available on the Internet at www.multifoods.com. International Multifoods is a manufacturer for and distributor to the foodservice industry in North America. The company also is a leading manufacturer and marketer of consumer foods in Canada. Further information about International Multifoods is available on the Internet at www.multifoods.com.