	cpc international cpc to sell asian stakes cpc international inc said said it has agreed in principle to sell interests in its grocery products operations in hong kong malaysia the philippines singapore taiwan and thailand to ajinomoto co inc of japan for mln dlrs the company said the move will reduce asian overhead and a substantial part of the proceeds will be used to reduce debt it said as part of the agreement its current direct investment in its existing non consolidated joint venture with ajinomoto will be converted into a cooperative arrangement for the long term utilization of technology and trademarks the company said the change in the japanese arrangement will give ajinomoto full equity ownership while leaving cpc a continuing earnings stream and cash flow the transactions are subject to definitive agreements and government approvals cpc said not included in the mln dlr consideration are proceeds from the sale of some smaller asian investments including a pct equity interest in an oat based food venture to an australian partner the company said the actions being taken under its restructuring program including the sale of its european corn wet milling business and other assets overhead reductions and other expense items and the asian transactions will have a one time positive effect on earnings cpc said although the extent cannot yet be determined the company expects that earnings per share will increase by substantially more than the previously estimated pct increase over in cpc earned dlrs per share reuter 
