CPC International Inc officials saidthe sale of the company's European corn wet milling business
will remove about 700 mln dlrs of debt and liabilities from
CPC's balance sheet.
    They told analysts the deal, expected to close in
September, and cash flow from other operations will reduced
total debt by about one-third this year. At the end of 1986,
CPC's debt totaled about 1.5 billion dlrs.
    The officials also said the company has no current plans to
sell its U.S. or North American corn wet milling businesses.
    CPC's 1987 capital spending is budgeted at about 250 mln
dlrs, down from about 361 mln dlrs last year, the officials
told analysts.
    They said the planned sale of the European corn wet milling
business, which is subject to reaching a definitive agreement,
will not result in much of change in this year's spending
plans.
    CPC is continuing to reduce corporate overhead costs by
streamlining operations in Latin America, its technical
laboratory operations in the U.S., and by completing the start
up of a new plant in Argo, Ill., they added.
 Reuter
