BEN & JERRY’S Homemade, Inc. News Release

For Release: 2/23/1998
Contact: Rob Michalak @ 802-651-9618 x7700

Dreyer’s, an Oakland, California based manufacturer of Dreyer’s and Edy’s brand ice cream and an ice cream distributor, is the largest distributor of Ben & Jerry’s product line pursuant to a business relationship that was started eleven years ago.

In a joint statement, Ben Cohen and Jerry Greenfield, the company’s co-founders who control over 40% of the voting power of the company’s stock, have advised Dreyer’s that they have no interest in selling their shares. Ben and Jerry stated, “As stockholders, each of us has always been firmly committed to the view that Ben & Jerry’s Homemade, Inc. should remain an independent company headquartered in Vermont, in a position to carry out its three part corporate mission. Accordingly, neither of us will agree to support or vote for the transaction with Dreyer’s.”

Over the past year, since Odak arrived at Ben & Jerry’s as CEO, Ben & Jerry’s profitability has significantly improved. Several of the company’s new flavors for 1998 have been released to distributors, with more planned for release in the second and third quarters of this year. The company has announced plans to enter the Japanese market this Spring. Japan is the second largest ice cream market in the world. The company will also produce, distribute and market Newman’s Own brand of ice cream.

Odak concluded, “Ben & Jerry’s has carefully built up significant brand equity over the years, not only by providing innovative products but also by conducting business in a way that includes a concern for the community and establishes a personal relationship with our customers.”

Ben & Jerry’s produces super premium ice cream, ice cream novelties, low fat ice cream, low fat and non fat frozen yogurt, and sorbet using Vermont dairy products, Vermont spring water, and high quality natural ingredients. Ben & Jerry’s products are distributed nationwide and in selected foreign countries in supermarkets, grocery stores, convenience stores, scoop shops, restaurants and other venues.