"We are proud to add Michael Foods to our growing client base of soft commodity users", stated VP of Sales, Richard Kulaszewski. "It seems that recent price volatility has compelled many agricultural companies to improve upon their commodity risk management and achieve Cash Flow hedge accounting by properly complying with FAS133."
Michael Foods of Minnetonka, MN, is the leading provider of egg products in the United States and has manufactured cheese for sale to food processors, foodservice companies and grocery stores for 75 years. Their egg division is made up of Papetti'sÂ® and M.G. WaldbaumÂ®, and when combined, is the largest global supplier of processed eggs.
Papetti'sÂ®, which became a member of the Michael Foods family in 1997, has a high-quality reputation dating back to the early 20th century, when the Papetti family opened a poultry business. M.G. Waldbaum was founded in 1950 and is known for its product innovation, particularly the development of the first extended shelf life egg. Their patented process gives this ESL product, Better'n EggsÂ®, an advantage in quality and consistency.
Founded in 1983, INSSINC provides risk management and FAS133 software as an ASP or on-site solution to soft commodity, financial, metal, and energy companies. INSSINC, which maintains offices in the US and the UK, has also released a new module for IAS 39 under International Financial Reporting Standards (IFRS).