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Philippines/United States: Liberty Flour terminates agreement with General Mills US.

Thai Press Reports

Section: General News - Liberty Flour Mills (LFM) Wednesday said it ended in May this year its licensing agreement with General Mills Inc. for the production and sale of the the Gold Medal flour brand in the Philippines after disagreeing with its foreign partner on contract extension terms.

Dr. Felix K. Maramba Jr., president and Chief Executive Officer of LFM issued the statement to correct the news reports quoting Teresita Panganiban, General Mills Philippines Managing Director saying it was the American company that terminated the licensing agreement.

LFM decided to end the contract in May this year after General Mills asked for an eight percent royalty for a …

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