Exhibit 10(s)
February 16, 2001
Minn-Dak Farmers Cooperative
0000 Xxx Xxxxx Xxxx
Xxxxxxxx, Xxxxx Xxxxxx 00000
Minn-Dak Yeast Company, Inc.
00000 Xxx Xxxxx Xxxx Xxxx
Xxxxxxxx, Xxxxx Xxxxxx 00000
Gentlemen:
This letter is to set forth the agreement between Universal Foods
Corporation d/b/a Sensient Technologies Corporation a Wisconsin corporation
("Sensient"), Minn-Dak Yeast Company, Inc., a North Dakota corporation
("Minn-Dak") and Minn-Dak Farmers Cooperative, a North Dakota cooperative
association ("MDFC") relating to the sale of the Red Star Yeast & Products
Division ("Red Star") or Sensient to certain subsidiaries of Lesaffre et
Compagnie, a French corporation ("Lesaffre"). This agreement reflects the
results of discussions among Sensient, Lesaffre, Minn-Dak and the Antitrust
Division of the United States Department of Justice (the "Antitrust Division")
in connection with the review by the Antitrust Division of the sale of Red Star
pursuant to the Xxxx-Xxxxx-Xxxxxx Antitrust Improvements Acts of 1976, as
amended (the "HSR Act"). The parties agree as follows:
1. Sensient will not include in the sale of Red Star to Lesaffre its
equity interest in Minn-Dak or its contractual rights and obligations
pursuant to the Management Consulting Agreement dated June 13, 1994
(the "Management Agreement") between Sensient, Minn-Dak and MDFC, the
Yeast Purchase Agreement dated June 13, 1994 (the "Supply Agreement")
between Sensient and Minn-Dak and the Shareholders Agreement
(collectively, the Management Agreement, the Supply Agreement and the
Shareholders Agreement are hereinafter referred to as "Minn-Dak
Agreements"). In this connection, the Purchase Agreement between
Sensient and Lesaffre will provide that customer contracts will not be
transferred to Lesaffre to the extent that the yeast is sourced from
Minn-Dak. In addition, Sensient hereby agrees to cancel, effective
immediately, the Molasses Purchase Agreement dated June 13, 1994
between Sensient and Minn-Dak, provided that purchase commitments for
the 2000 beet crop molasses already in place shall remain in effect.
2. Sensient will organize the Minn-Dak Yeast Sales and Service Division
(the "Sales Division") to perform the functions contemplated by the
Minn-Dak Agreements immediately after the sale of Red Star to Lesaffre.
The Sales Division will include executives with expertise in general
management, sales and marketing,
research and development and yeast distribution sufficient to enable
Sensient to meet all of its obligations to Minn-Dak. It is anticipated
that the Sales Division would be staffed as described in Exhibit A
hereto. The Purchase Agreement between Sensient and Lesaffre will
prohibit Lesaffre from attempting to hire employees designated by
Sensient to be part of the Sales Division. In addition to the positions
described in Exhibit A, Sensient also agrees to adjust the
organizational chart to provide the following services to Minn-Dak on
an as needed basis: Yeast Quality Control personnel and Environmental
Compliance personnel. Sensient also agrees to consult with Minn-Dak,
and Minn-Dak has to be in basic agreement, before any changes can be
made to the sales and service organization structure contemplated by
Exhibit A as adjusted pursuant to this paragraph 2.
3. In accordance with Sensient's discussions with the Antitrust Division,
a key objective of the parties hereto will be to assist Minn-Dak to
grow its business so that it will operate as an effective independent
fourth competitor in the United States fresh yeast market. To that end,
Sensient has submitted to Minn-Dak a three-year business plan (the
"Business Plan"), a copy of which is attached hereto as Exhibit B,
which the parties hereby adopt and agree to implement in accordance
with sound business judgment. Under the Business Plan, yeast sales
volumes are expected to exceed the levels of the Supply Agreement as
modified herein under paragraph 4 below. Because of that, Minn-Dak
expects to incur certain new environmental costs to meet these volume
commitments. These new environmental costs include capital equipment
necessary to comply with EPA waste water regulations and initial costs
to comply with EPA air emission regulations dealing with volatile
organic carbons (VOC's) being emitted from the plant. Such costs to
comply with EPA waste water and air emission regulations are expected
to total approximately $2 million. Sensient agrees to share equally
with Minn-Dak in these environmental costs, provided that: (a) any such
costs relate to annual production [XXXX] minimum purchase requirement;
and (b) the amount expended by Sensient for such costs shall not exceed
$2 million.
4. For the year ending [XXXX]. In the event that Minn-Dak experiences a
production problem which will prevent Sensient from meeting customer
requirements, Sensient will purchase the necessary yeast from an
alternative source. In such event, the obligations of the parties to
each other will be suspended for the duration of the production problem
and, thereafter, the parties will promptly resume performance pursuant
to the Supply Agreement.
5. To facilitate the growth contemplated by the Business Plan with respect
to cream yeast, Sensient will make the capital expenditures necessary
for the cream yeast load-out facility described in Appendix III to the
Business Plan. Such facility will be completed within 8 months after
the effective date of this Agreement. Upon completion of this facility,
this asset will be entirely owned by Sensient. Upon termination of the
Minn-Dak agreements, ownership of this asset will transfer to Minn-Dak
at no cost to Minn-Dak. The original costs of this facility will be
excluded from the yeast pricing formula in the Supply Agreement, but
any future additions thereto paid for by Minn-Dak and any maintenance
will be included in such formula.
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[XXXX] Confidential treatment requested
6. In order to allow a more adequate period of time for Minn-Dak to
operate as an effective independent fourth competitor in the United
States fresh yeast market, Minn-Dak shall have the unilateral right to
an extension of the term of the Minn-Dak Agreements for an additional
three years on the currently applicable terms and conditions, except as
modified herein.
7. To the extent that any capital expenditures after January 1, 2001,
excluding the initial cost of the cream yeast load-out facility and any
participation in specified environmental capital costs, are not fully
depreciated on a book basis at the termination of the Minn-Dak
Agreements, Sensient shall compensate Minn-Dak for 50% of the remaining
depreciation, less $250,000. In the event Minn-Dak remains profitable
after that date, Minn-Dak will make payment back to Sensient on an
annual basis for this depreciation.
8. The parties recognize the intent of the Antitrust Division that
Minn-Dak be maintained as an independent competitor. In the event that
Sensient shall enter into an agreement [XXXX].
9. In consideration of the foregoing commitments by Sensient, Minn-Dak
will support the efforts of Sensient to obtain clearance by the
Antitrust Division of the Red Star sale pursuant to the HSR Act and
will commit to the achievement of the plans outlined in this Agreement.
10. This Agreement shall be effective on the closing date of the sale of
Red Star, provided that such closing must occur on or before March 31,
2001.
11. The parties hereto agree that from time to time after the effective
date of this Agreement, each of them will execute and deliver such
further instruments and documents and take such other action as may be
necessary or advisable to carry out the purposes and intent of this
Agreement. The parties hereto further agree that they will exercise
their best efforts to implement the plans contemplated hereby in such a
manner as to avoid any unfavorable tax consequences to Minn-Dak.
If the foregoing accurately sets forth our agreement, please so signify
by signing where indicated below.
---------------------------------
[XXXX] Confidential treatment requested
Very truly yours,
SENSIENT TECHNOLOGIES
CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxx
------------------------------------
Xxxxxxx X. Xxxxxxx
Chairman, President & Chief
Executive Officer
Agreed:
MINN-DAK FARMERS COOPERATIVE
By: /s/ Xxxxxx X. Xxxxxxx
------------------------------------
Xxxxxx X. Xxxxxxx
Interim President & Chief
Executive Officer
MINN-DAK YEAST COMPANY, INC.
By: /s/ Xxxxxx X. Xxxxxxx
------------------------------------
Xxxxxx X. Xxxxxxx
President
Exhibit A
Organizational Chart & Biographies
Minn-Dak Yeast
Sales and Service Division
XXXX X. XXXXXXXXXX
General Manager
|
|
|____ Secretary
|
|
_______________________________|______________________________
| | | |
| | | |
XXXX XXXXXXX XXXXX XXX XXXX XXXXX XXXX XXXXXX
------------ --------- ---------- -----------
Controller Manager Research Manager Sales Manager Logistics
| & Development |
| | |
| | |
XXXX XXXXXXXX XXXX XXXXXXX XXXXXXXX XXXXX
------------- ------------ --------------
Account Specialist Lab Tech Account Manager
Exhibit B
Business Plan
MINN-DAK YEAST
BUSINESS PLAN
DECEMBER 5, 2000
TABLE OF CONTENTS
SECTION PAGE
Executive Summary 1
Minn-Dak History 2
Business & Industry Overview 3
Business Strategy 8
Appendix I - Pro Forma Income Statement 10
Appendix II - Organization Chart & Biographies 12
Appendix III -[XXXX] 15
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EXECUTIVE SUMMARY
BUSINESS OVERVIEW
Minn-Dak Yeast Company manufactures and markets fresh yeast products for the
North American commercial baking industry. It is jointly owned by Minn-Dak
Farmers Cooperative and Sensient Technologies Corporation, with 80% and 20%
share ownership respectively. Minn-Dak Farmers Cooperative is a sugarbeet
processor and molasses producer, and provides the Yeast Company its source for
high-sugar content molasses, the primary raw material for yeast manufacturing.
Sensient Technologies Corporation supplies color, flavor and fragrance
technologies and products to the food, cosmetics, specialty-inks and household
products industries. Minn-Dak's corporate offices and manufacturing site are
located in Wahpeton, North Dakota. Sales, marketing, R&D and technical service
are located in Milwaukee, Wisconsin.
Minn-Dak Yeast Company is the fourth largest supplier of fresh yeast in North
America and has a reputation for high quality product and service. They also
enjoy excellent relationships with the major commercial baking companies in
North America, which is demonstrated by the significant presence of these
companies in their customer portfolio.
Minn-Dak operates under the theory of [XXXX]. The unique combination of [XXXX]
enable Minn-Dak to [XXXX].
HISTORICAL AND PROJECTED FINANCIAL SUMMARY
The following table highlights Minn-Dak's strong historical financial
performance, as well as its projected growth.
Pro Forma Results*
------------------------ ----------- ----------- ----------- ----------- ----------- ----------
(in $ mm) 1998 A 1999 A 2000 A 2001 P 2002 P 2003 P
------------------------ ----------- ----------- ----------- ----------- ----------- ----------
Volumes (lbs mm) [XXXX] [XXXX] [XXXX] [XXXX] [XXXX] [XXXX]
------------------------ ----------- ----------- ----------- ----------- ----------- ----------
Revenues [XXXX] [XXXX] [XXXX] [XXXX] [XXXX] [XXXX]
------------------------ ----------- ----------- ----------- ----------- ----------- ----------
COGS [XXXX] [XXXX] [XXXX] [XXXX] [XXXX] [XXXX]
------------------------ ----------- ----------- ----------- ----------- ----------- ----------
Gross Profit [XXXX] [XXXX] [XXXX] [XXXX] [XXXX] [XXXX]
------------------------ ----------- ----------- ----------- ----------- ----------- ----------
Freight [XXXX] [XXXX] [XXXX] [XXXX] [XXXX] [XXXX]
------------------------ ----------- ----------- ----------- ----------- ----------- ----------
Selling Expenses [XXXX] [XXXX] [XXXX] [XXXX] [XXXX] [XXXX]
------------------------ ----------- ----------- ----------- ----------- ----------- ----------
Operating Profit [XXXX] [XXXX] [XXXX] [XXXX] [XXXX] [XXXX]
* In historical years, combines certain RSY & MDY results
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MINN-DAK HISTORY
The Minn-Dak Yeast Company ("MDY") was founded in 1989 as an independent
producer and marketer of fresh yeast. The Company's principal founder, the
Minn-Dak Farmers Cooperative, saw an opportunity to put the molasses it
generated in the processing of sugarbeets to profitable use by manufacturing
yeast (molasses is the main ingredient used in the production of yeast).
In 1994, Red Star Yeast ("RSY") purchased a 20% stake in MDY by acquiring the
shares of MDY's minority owner. The Cooperative's existing 80% ownership stake
in MDY was not affected by this transaction. Red Star made this acquisition both
because of the financial attractiveness of MDY as an investment and because, in
conjunction with the acquisition, Red Star was granted a supply agreement that
gave RSY access to a low cost source of fresh yeast. As part of this
transaction, RSY agreed to provide technical consulting on an as needed basis
and was given the right to purchase any of the Minn-Dak Farmers Cooperative
molasses not used by MDY.
The supply agreement, the consulting agreement, and the agreement giving RSY
access to any of the Minn-Dak Farmers Cooperative's excess molasses all have ten
year terms and expire in June, 2004.
BUSINESS & INDUSTRY OVERVIEW
FRESH YEAST MARKET
Xxxxx'x yeast is typically classified into several different types of fresh and
dry product. Fresh yeast can be produced in liquid (or cream) form and also in a
compressed state where additional liquid is removed from the product which is
then sold in a cake or granular form. High levels of bioactivity and a
relatively short life characterize fresh yeast.
Fresh yeast is Minn-Dak's sole area of production, with the majority of the
product going to large wholesale bakeries. It has a shelf life of two to three
weeks. Liquid yeast, the starting point for all forms of fresh yeast, is
produced in an aerobic fermentation process on a substrate of cane or beet
molasses with additional required nutrients.
CREAM YEAST Cream yeast is liquid yeast in its initial unprocessed form. It is
shipped directly to customers in insulated trucks for use in cream
yeast systems. These systems are typically installed and financed by a
yeast supplier. Cream yeast is typically used by larger bakeries with
annual consumption in excess of 1.0 million pounds.
COMPRESSED YEAST Compressed yeast is manufactured from liquid yeast by removing
water with a filtering device. Typically, smaller wholesale and retail
bakeries purchase compressed yeast, but it is still used by some large
bakeries. It is normally shipped in refrigerated trucks.
While Minn-Dak does not currently sell cream yeast (all of its cream is
currently processed to compressed yeast), the Company would be able to market
cream to outside customers with only a modest level of investment.
YEAST MANUFACTURING PROCESS
The complete commercial yeast manufacturing process from molasses to liquid
yeast takes approximately five days from laboratory flasks to commercial state
production. The following outlines this process:
SEED YEAST
-MOLASSES
-FERMENTATION
-SEPARATION
-LIQUID YEAST
-CREAM YEAST
-FILTER PRESS
-COMPRESSED YEAST
-FILTER PRESS
-BELT OR FLUID BED DRYER
-DRY YEAST
-DRUM DRYER
-NUTRITIONAL YEAST
UNITED STATES DEMAND
Demand for yeast within the U.S. is estimated at 700 million pounds annually,
with a dollar value of $325 million. Fresh yeast consumption, which accounts for
a majority of the total, represents the most significant segment. Unlike other
countries, where the majority of fresh yeast consumption is in the form of
compressed product, U.S. demand for fresh yeast is skewed heavily toward
delivery in cream, or liquid form. Of the 590 million pounds of fresh yeast
consumed annually in the U.S., approximately 50% is sold as cream yeast, with
the remainder sold as compressed yeast.
--------------------------------------------------------------------------------
U.S. Commercial Yeast Demand
--------------------------------------------------------------------------------
----------------- ---------------- ---------------- ----------
Volume Total Value % of
(million lbs.) ($ millions) Total
----------------- ---------------- ---------------- ----------
Fresh Yeast* 590 $ 180 55%
----------------- ---------------- ---------------- ----------
Dry Yeast 110 $ 145 45%
----------------- ---------------- ---------------- ----------
700 $ 325
--------------------------------------------------------------
*On a compressed yeast basis.
--------------------------------------------------------------
Source: Milling and Baking News | March 28, 2000 and Division estimates.
Cream yeast delivery has emerged as the preferred method or fresh yeast delivery
by large commercial bakeries in the United States. In the face of slow overall
demand growth for baked goods, the U.S. bakery industry has experienced a
dramatic consolidation during the late 1990's, as many smaller local and
regional bakeries have been acquired by large firms. Today, the top five baking
companies account for approximately 50% of the total fresh yeast consumed in the
United States. Accelerated consolidation with the baking industry has created
large baking companies with fewer, but larger baking facilities focused on
production and procurement efficiencies. As bakeries have consolidated into
larger facilities, they have increasingly converted to cream yeast delivery
systems.
CUSTOMERS
Minn-Dak is the fourth largest North American supplier of yeast to the
commercial bakery segment. Through its existence as an independent company and
then by its association with Red Star, Minn-Dak has developed a reputation for
quality and reliability in the production and delivery of yeast products for the
commercial baking markets. Its customers include such market leaders as
Earthgrains, Pillsbury, Flowers, and Kraft.
Minn-Dak's top [XXXX] customers account for [XXXX] of the Company's total
revenues. This [XXXX] allows Minn-Dak to [XXXX]. These customer relationships
[XXXX]. Product is [XXXX] from Minn-Dak's production facility in Wahpeton, ND.
COMPETITION
In the formation of Minn-Dak as a stand-along entity, there are four significant
producers of fresh yeast in the United States and Canada: Red Star/SAF;
Xxxxxxxxxxx; Xxxxxxxxx; and Minn-Dak.
MANUFACTURING HIGHLIGHTS
* The Minn-Dak Farmers Cooperative local sugarbeet refining activities
provide an excellent source of high quality molasses that does not have
to be transported great distances. No other North American yeast maker
has this advantage.
* Water is readily available through two on-site xxxxx.
* MDY has a captive and expandable waste treatment facility.
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[XXXX] Confidential treatment requested
* MDY's plant is well-built and modern. On-going maintenance capital
expenditures are therefore kept to a minimum.
* While current capacity is [XXXX] million pounds, Minn-Dak enjoys several
features which [XXXX].
[XXXX]
BUSINESS STRATEGY
OBJECTIVES AND GOALS
Our strategic plan is focused on a three-year period that optimizes our current
business and provides adequate growth to satisfy our shareholder's financial
goals.
We begin with the stated objective: MAINTAIN MINN-DAK YEAST COMPANY AS A
STAND-ALONE, PROFITABLE SUPPLIER OF HIGH-QUALITY FRESH YEAST TO THE NORTH
AMERICAN BAKING INDUSTRY.
Within this objective are contained the tangible goals of [XXXX]. Achieving
this [XXXX].
KEY LEVERAGE AREAS
During this three-year period, we will continue to see consolidation throughout
the food and baking industries. As this trend continues, customers will tend to
consolidate toward suppliers they have come to rely on. We find ourselves in a
particularly strong position given the concentration of major bakeries in our
customer portfolio. We will use this strength, combined with our key leverage
areas to facilitate our growth over the next three years and beyond.
Key leverage areas are:
* Marketplace credibility
* Low cost, high quality manufacturing position
* Excellent customer satisfaction with industry's largest users
An explanation for the basis of these strengths is in order. Our credibility in
the baking industry stems from an eleven-year history of supplying a consistent
and reliable fresh yeast product at a competitive price. Combining this track
record with our highly experienced R&D, Technical Service and Sales organization
has made us the supplier of choice at many bakeries. See Appendix 1 for the full
organizational chart and management biographies.
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[XXXX] Confidential treatment requested
Our manufacturing position is enhanced through [XXXX]. These factors, combined
with [XXXX].
The high level of customer satisfaction that Minn-Dak enjoys is related to the
excellent quality of product we supply and our ability to respond quickly to
ever-changing customer requirements. This, again, is attributable to our highly
experienced and dedicated customer service and logistics organization.
DISCUSSION OF STRATEGY
In year one or our strategy, we will capitalize on our strengths [XXXX]. This
technology has proven to be [XXXX]. Our account portfolio includes many of the
largest commercial bakeries in North America. These companies typically have
[XXXX]. Using our strong relationships at [XXXX].
Years two and three of our strategy focus on [XXXX]. During year two, we will
[XXXX].
The overriding theme to this strategy is [XXXX]. Executing this strategy will
certainly depend greatly on our ability to maintain our current leverage areas
throughout the entire strategic period.
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[XXXX] Confidential treatment requested
APPENDIX I
PRO FORMA INCOME STATEMENT
[XXXX]
APPENDIX II
ORGANIZATIONAL CHART & BIOGRAPHIES
MINN-DAK YEAST
SALES AND SERVICE DIVISION
XXXX X. XXXXXXXXXX
General Manager
|
|
|____ Secretary
|
|
_______________________________|______________________________
| | | |
| | | |
XXXX XXXXXXX XXXXX XXX XXXX XXXXX XXXX XXXXXX
------------ --------- ---------- -----------
Controller Manager Research Manager Sales Manager Logistics
| & Development |
| | |
| | |
XXXX XXXXXXXX XXXX XXXXXXX XXXXXXXX XXXXX
------------- ------------ --------------
Account Specialist Lab Tech Account Manager
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[XXXX] Confidential treatment requested
KEY MANAGEMENT BIOGRAPHIES - RED STAR YEAST PRODUCTS
----------------------- --------------------------------------------------------
Name Position and Experience
----------------------- --------------------------------------------------------
Xxxx X. Xxxxxxxxxx President, Red Star Yeast and Products: Xx. Xxxxxxxxxx
joined Universal Foods in 1998 with over 15 years of
experience in sales, marketing and sales management in
the chemical industry. He was made President of Red Star
Yeast and Products in April 2000.
Xx. Xxxxxxxxxx began his career as a sales trainee in
1982 with Hercules Inc., a $2.2 billion chemical company
headquartered in Wilmington, Delaware. During the next
15 years, he held a series of progressively responsible
positions leading to his most recent assignment as
Director of Sales and Marketing North America, for the
Food Ingredients Division.
In this role, Xx. Xxxxxxxxxx was responsible for sales
and marketing for the $80 million North American segment
of the Food Ingredients Division. He managed a staff of
seventeen and played a key role in the development of
product line strategies and acquisitions. Xx. Xxxxxxxxxx
exceeded business plan revenues by as much as 20% and
developed a cost-savings program that reduced expenses
by 18%.
From 1995 to 1997, Xx. Xxxxxxxxxx was assigned
responsibility for developing the worldwide business for
the Food Ingredients Division. He spent two years in
Denmark, where he successfully implemented a five-year
strategic plan designed to achieve 20% annual sales
growth. He exceeded that goal during each of his two
years in Denmark.
In 1998, Xx. Xxxxxxxxxx joined Universal Foods
Corporation as Vice President/General Manager of the
Dairy and Food Ingredients business units of the Flavor
Division. During his tenure with Flavor, Xx. Xxxxxxxxxx
implemented a strategic plan that resulted in
double-digit revenue growth in a mature market and
generated $5 million of operating profit from a
break-even position the previous year.
B.S. Chemical Engineering
University of Illinois, Champaign-Urbana 1982
----------------------- --------------------------------------------------------
Xxxx X. Xxxxxxx Controller, Red Star Yeast and Products: Xx. Xxxxxxx
joined Universal Foods in 1971. He has held a number of
progressively responsible positions in accounting and
finance over the past 29 years at both the corporate and
divisional levels. In his current role, Xx. Xxxxxxx is
Controller of Red Star Yeast and Products.
----------------------- --------------------------------------------------------
----------------------- --------------------------------------------------------
Xx. Xxxxxxx began his career with Universal Foods as
Assistant Tax Manager. Since then, he has held a number
of key accounting positions, including Manager,
Corporate General Accounting and Assistant Corporate
Controller for Universal Foods. Xx. Xxxxxxx was promoted
to division Controller of Red Star Yeast in 1984.
B.S. Accounting
Marquette University, 1966
M.S. Business Administration
Marquette University, 1981
Certified Public Accountant, 1971
Member, Wisconsin Institute of Certified Public
Accountants
----------------------- --------------------------------------------------------
Dr. Xxxxx Xxx Director, Research/Development, Red Star Yeast and
Products: Xx. Xxx joined Universal Foods in 1988, as a
Group Leader at the Technical Center for Red Star Yeast.
In 1990, Xx. Xxx was promoted to Director,
Research/Development for Red Star.
Prior to joining Red Star Yeast, Xx. Xxx was a Research
Scientist with the University of California.
B.S. Biology
University of Cincinnati, 1973
M.S. Microbiology
University of Miami, Ohio, 1976
Ph.D. Microbiology
University of Miami, Ohio, 1979
Member, American Association of Cereal Chemists
Member, American Society for Microbiologists
Member, American Society of Bakery Engineers
Member, American Institute of Baking
Member, American Society for Enology and Viticulture
Member, Institute of Food Technologists
Member, Scientific Advisory Committee
Member, Society for Industrial Microbiology
----------------------- --------------------------------------------------------
Xxxx Xxxxx Marketing Manager, Red Star Yeast and Products: Xx.
Xxxxx joined Universal Foods in 1996 as a Senior
Scientist/Associate. In January 2000, Xx. Xxxxx was
promoted to Manager, Marketing for Red Star Yeast.
----------------------- --------------------------------------------------------
----------------------- --------------------------------------------------------
Prior to joining Red Star Yeast, Xx. Xxxxx worked at the
American Institute of Baking as a Teaching Assistant in
Cereal Technology. He was also the Director of Big Boss
Foods in India.
B.S. Food Technology
University of Minnesota, 1990
MBA candidate
Marquette University
Member, American Society of Baking Engineers
----------------------- --------------------------------------------------------
Xxxxxx Xxxxxx Manager, Transportation/Logistics Support Systems, Red
Star Yeast and Products: Xx. Xxxxxx joined Universal
Foods in 1978 as the Manager, Transportation/Logistics
Support Systems for Red Star Yeast. During her long
career with the Company, Xx. Xxxxxx held a number of
positions, including Accounting Assistant, Traffic
Coordinator and Supervisor, Transportation. She is
currently the Manager, Transportation/Logistics Support
Systems for Red Star Yeast.
Prior to joining Red Star Yeast, Xxxxxx served as the
head bookkeeper for Xxxxxx and Xxxxxxxx Business College
and worked in the accounting department as a Treasury
Accountant at Northwestern National Insurance. She has
also held previous insurance related positions.
Associate Degree: Business Data Processing
Milwaukee Area Technical College
Candidate for Transportation Certificate
Milwaukee Area Technical College
----------------------- --------------------------------------------------------
APPENDIX III
[XXXX]
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