In 1963, Peltz dropped out of the Wharton School with the intention of becoming a ski instructor in Oregon. However, he ended up driving a delivery truck for A. Peltz & Sons, a wholesale distribution of food company started by his grandfather in 1896, that delivered fresh produce as well as Snow Crop brand frozen food to restaurants in New York.Peltz's father granted him full control of the business and over the next 15 years, he and his brother Robert B. Robert B. Peltz, increased the size of the company, gradually shifting the product line from produce to commercial frozen foods.Over the next 10 years, Peltz bought up several food-related companies. In 1973 his brother and he, along with his business partner, Peter May, who joined Peltz in 1972, made their business, at the time called Flagstaff Corp., with $150 million in sales, public. Peltz was able to sell Flagstaff's Foodservice division to investors in 1979. Peltz was asked by the lender to repay the loan. The company that provided food services was dissolved two years afterward. Within an entire year, the loans were repaid as Peltz was able to rebuild the business.In the 1980s, Peltz and his business partner, Peter May, who was hired by Flagstaff as its chief financial officer following his stint as its accountant, went to search for new opportunities to acquire. [citation needed] In the month of April, 1983, the two bought an interest in the vending machine and wire business Triangle Industries Inc. with the goal of making acquisitions and build Triangle into an Fortune 100 industrial company and the largest packaging company worldwide. Triangle was sold to Pechiney in 1988
Sunday, 15 January 2023
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