Sears, Roebuck & Co. and the C.P. Group of Bangkok, Thailand said Sears World Trade Inc. reached agreement with C.P. Intertrade Ltd. for new ownership of its processed foods business.
Sears, Roebuck and Co. had previously announced the phase-out of the domestic operations of Sears World Trade. C.P. Intertrade, part of the C.P. Group, was a major supplier of processed food products to Sears World Trade. A new C.P. Intertrade subsidiary, CPI (USA) Inc. has been established, with current headquarters in Washington and other offices in New York, Boston, Atlanta, and Los Angeles.
The terms of the transaction were not disclosed.
Joe L. Welsh, former general manager of Sears World Trade agribusiness division has been named president of CPI(USA) Inc. Several other former Sears World Trade employees have also accepted positions with the new company.
One of the largest diversified agribusiness companies in Asia, the C.P. Group has more than 14,000 employees worldwide.
Among the product lines to be continued under the agreement are canned tuna fish, pineapple, tomato products, fruits, mushrooms.