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ENRON AND RICH PRODUCTS CORPORATION ANNOUNCE
LONG-TERM ENERGY PURCHASING AGREEMENT
FOR IMMEDIATE RELEASE: Wednesday, July 26, 2000
HOUSTON -- Enron Energy Services, a subsidiary of Enron Corp., announced today that it has entered into an 11-year electricity and natural gas commodity management agreement with Rich Products Corporation.
The agreement, valued at more than $130 million, covers Rich’s 18 major facilities in Wisconsin, New York, Tennessee, California, Ohio, Massachusetts, Illinois, Virginia, New Jersey, Georgia and Texas. In addition to the supply of electricity and natural gas, Enron will provide ongoing billing services for the facilities.
“Our partnership with Enron allows us access to a reliable and economical supply of electricity and natural gas,” said Mike Bingham, Rich’s executive vice president of Operations. “Ultimately, it’s about delivering increasing value to our customers.”
Lou Pai, chairman and CEO of Enron Energy Services said, “We see this agreement as the beginning of a long-term partnership with Rich Products through which they will secure a stable energy supply while continuously improving the energy efficiency of their facilities. Our agreement with Rich Products, coupled with others we’ve signed to date, demonstrates that outsourcing energy management is quickly becoming the new standard in the food processing industry.”
Founded in 1945, Rich Products Corporation is one of the United States' largest family-owned food companies, with annual sales of $1.4 billion and more than 7,000 associates worldwide. Rich has regional offices, subsidiaries and manufacturing plants located in 53 countries including Canada, Mexico, India, South Africa, China and Italy. Rich is known around the world as leading supplier and solutions provider to the food service and in-store bakery segments, specializing in bakery and dessert products and field technical support services.
Enron is one of the world’s leading electricity, natural gas and communications companies. The company, which owns approximately $37 billion in energy and communications assets, produces electricity and natural gas, develops, constructs and operates energy facilities worldwide, delivers physical commodities and financial and risk management services to customers around the world, and is developing an intelligent network platform to facilitate online business. Fortune magazine has named Enron “America’s Most Innovative Company” for five consecutive years, the top company for “Quality of Management” and the second best company for “Employee Talent.” In addition, Enron ranks in the top quarter of Fortune's "Best 100 Companies to Work For in America.” Enron’s Internet address is www.enron.com. The stock is traded under the ticker symbol “ENE.”
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Click here to download this press release in Microsoft Word format.
For additional information please contact:
Peggy Mahoney
Enron Energy Services
(713) 345-7034
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