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B. The History and Business of J.R. Simplot Co.
J.R. Simplot Co. (through a predecessor entity) was founded in
the 1930's by J.R. Simplot. It was incorporated in Nevada in 1955.
None of its stock is publicly traded. J.R. Simplot originally
owned all of the Company's stock; he transferred the stock to his
children in the 1960's.
J.R. Simplot's philosophy was to reinvest the Company's cash-
flows into long-term assets (such as real estate mineral reserves,
water rights, and natural-resource-based operations), operate the
Company privately, and pass ownership of the Company on to his
descendants. From J.R. Simplot Co.'s inception through the
valuation date, J.R. Simplot was the Company's chairman of the
board and played a dominant role in the Company's operations.
J.R. Simplot Co. is a major frozen food processing and
agribusiness chemical company. Its predecessor developed the
technique for producing frozen French fried potatoes in the 1950's.
It is headquartered in Boise, Idaho, and operates in the western
part of the United States and in Mexico, Turkey, and Canada. J.R.
Simplot Co.'s taxable year ends August 31. On the valuation date,
J.R. Simplot Co. employed between 9,000 and 10,000 individuals.
For the 9 months ended May 31, 1993, J.R. Simplot Co. had net
sales of $1,282,526,000 and net income of $25,506,000. For its
fiscal year ended August 31, 1993, the Company had net sales of
$1,778,768,000 and net income of $37,825,000. On May 31, 1993,
J.R. Simplot Co. had assets with a book value of $1,340,803,000 and
shareholders' equity of $481,001,000. On August 31, 1993, J.R.
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