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Burns Philp & Company Limited INTRODUCTION AND BACKGROUND In 1883, Sir James Burns founded a business that is today a multi national success known as Burns Philp & Company Limited (Burns Philp). In 1983 Burns Philp purchased Mauri Bros. and Thompson, two European yeast manufacturers. These firms were leaders in yeast technology and Burns used capabilities from these firms to transform the operational processes of the North American Fleischmanns' yeast and vinegar operations that they later purchased from Nabisco in 1986. Burns Philp soon came to dominate the world yeast and vinegar markets. In 1992 further expansion occurred with the acquisition of Tones in the United States and DHW, Germany's leading yeast manufacturer. Burns Philp's dominant position in the global yeast and vinegar businesses made growth either by investment or acquisition in these areas difficult. ACCOUNTING ISSUES: * FINANCIAL CIRCUMSTANCE ON BURNS PHILP Table 1 Burns Philp: Eleven Year Financial Summary YEAR NET DEBT $M TOTAL...

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