Word: simplot
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Modern agribusiness owes a debt to J.R. Simplot, who left home at age 14 and went on to dominate the American potato business. He supplied U.S. troops with dried food during World War II and sold French fries to fast-food chains, but the Idaho native also invested in cattle, fertilizer plants and timber--not to mention computer-chip pioneer Micron Technology. The oldest billionaire in the world last year, according to Forbes, Simplot remained ambitious--and proud--driving around Boise in a white Lincoln Town Car with mr. spud vanity plates...
Product developers at major fast-food chains are tinkering with cooking methods that mimic the mouth-watering taste without all the artery-clogging fat. Producers J.R. Simplot, ConAgra Foods and Canada's McCain Foods are secretly developing oils for a healthier fry and introducing products like frozen wedges roasted in olive oil, rosemary and garlic. Even if those don't catch on, McDonald's and other chains are trotting out alternative side dishes like rice and yogurt. And as a last resort, there are faux fries concocted from rice flour or cornmeal...
Micron Technology of Boise, Idaho, is another near instant success. Founded by Twin Brothers Ward and Joseph Parkinson, the company started in 1981 with a cash infusion from an investment group headed by J.R. Simplot, one of the nation's largest potato processors. The following January Micron began shipping a memory chip that was smaller and more efficient than those produced by other U.S. firms. Sales took off, and the company went public with its stock last summer. Initially offered for $14 each, Micron shares rose as high as $40½ and are now trading for about...
...round up spuds from farmers with cash offers of $6.50 to $8. There were a few takers, but most of the Maine farmers balked because they had received other offers as high as $15 from export agents-some of the longs, who were trying to force Simplot into paying a higher price to get out of his contracts...
...week's end Simplot was huddling with exchange officials and telephoning Harold Collins, head of an upstate New York produce company and a major holder of unfulfilled contracts, to see if a compromise price could be worked out. Simplot offered Collins $10 to buy back his contracts, but Collins wanted $12.50. If they cannot agree, the exchange will decide a fair price for them and thus settle by fiat the great potato battle...