Chase vs. Wells Fargo High-Net-Worth Accounts: An Overview, What Is Private Banking? They had a lot of respect for one another and recognized each others talents, he says, They could fight like cats and dogs, but they always found a way to reach consensus. Also working in their favor, he says, was their knowledge of both the financial side of the business and the food science. (According to Bloomberg, Giovanni Ferrero has a net worth of $41.8 billion, making him the 28th richest person in the world and the richest person in Italy.). Under the new plan, Wells would have a CEO/president in charge of the business, hire more outside talent and add three outside directors to the board. Mike and Doug continued focusing on their areas of responsibilities, and in 2005 they were named co-presidents. Sweet treats join shelves in new formulations and collaborations. In 2007 and 2008, Wells sold its cultured dairy and fluid milk business to Dean Foods and its yogurt business to Grupo Lala. Chase offers its Private Client Banking, while Wells Fargo has named its program The Private Bank, calling individuals involved Private Clients. Private Banking vs. They mainly asked me some behavioral questions. Spouses and trust beneficiaries would have the same status as other shareholders. The 8.5-oz soft serve-based desserts launched with 8 varieties and have grown to 16, including cookie crunch and fudge, peanut butter marshmallow and strawberry shortcake. In an interview with the Des Moines Register, Wells Enterprises CEO Mike Wells said Wednesday that Ferrero executives are committed to northwest Iowa. Wells Enterprises's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. We manufacture the store brands of other companies and, in exchange, they carry Blue Bunny in their stores. As one of Wal-Marts top 100 suppliers, Wells had to develop new technology to comply with the giant retailers mandates for inventory, safety and quality controls. A Sioux City man won the $25 cash prize for the winning entry of Blue Bunny after noticing how much his son enjoyed the blue bunnies in a department store window at Easter. Ferrero owns 35 brands, including Kinder and Tic Tac. It is classified as operating in the Food Manufacturing industry. Wells produces the Blue Bunny brand, along with 2nd St. Creamery, Bomb Pop and several private label brands. In addition, company leaders decided to focus more narrowly on ice cream and other frozen desserts. Find out the highest paying jobs at Wells Enterprises and salaries by location, department, and level. Wells Enterprises Construction Llc currently holds license 2705177537 (Residential Building (Rbc)), which was Inactive when we last checked. ASP.NET Microsoft . In 2006 its sales passed the $1 billion mark, placing it in a select group of family firms with revenues of that size. Chase offers access to theirChase SapphireReserve card, which offers a $300 travel credit annually. The final proposal to change the management structure and reconstitute the board won shareholder approval. . 4.0. It is the maker of Blue Bunny ice cream. (Annual sales and employees) What industry is the company in? The family committed to hiring more outside managers They also agreed to hire three board members outside of the family. After completion, the expanded plant covered the equivalent of one city block, with the first floor taking up 109,000 square feet (10,100 m2) and its second floor comprising 44,000 square feet (4,100 m2). This information is available in the PitchBook Platform. Both feature mortgage perks, higher yields on certain deposit accounts, and more personalized service, yet subtle differences exist between the two banks, most notably Wells Fargo imposes a $1 million account balance minimum to become a private client, while the minimum beginning day balance at Chase is only $150,000, requiring just $100 to open. No credit card required. Introducing A Difference You Can See. Wells is the second largest ice cream maker in the United States behind Unilever. You can learn more about the standards we follow in producing accurate, unbiased content in our. The final list ranks the 500 companies. Mikes son, Michael J. It is classified as operating in the Dairy Product Manufacturing industry. The Wells familys commitment to preserving and growing its business, which included making bold changes in family management and the board of directors, has allowed it to gain a strong foothold in the hugely competitive ice cream industry. Italy has captured the Ice Cream Capital of the World. Weve done our fair share of growth through stealing share weve got a combined annual growth rate of about 5.7% but the opportunity to consolidate and get some additional assets under our ownership as well as drive capital and growth as a result is definitely a part of our overall strategy; so is a combination of organic and M.&A. Really great medical, dental and vision benefits with the company. Wells Enterprises, maker of the Blue Bunny ice cream brand, has ambitious plans to grow way beyond $1 billion in sales. million verified professionals across 35 million companies. Copyright 2012 by Family Business Magazine. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. These discounted rates apply to fixed-rate mortgages for the life of the loan and to adjustable-rate mortgages (ARMs) until the first adjustment. 2023 Forbes Media LLC. This represents a win-win partnership, bringing together ice cream experts and confectionery champions.". Use Forbes logos and quotes in your marketing. We also reference original research from other reputable publishers where appropriate. Chase Private Client service offers a dedicatedPrivateClientAdvisor to assist with planning and executing investments. We couldnt only think of the family; we have responsibilities to our employees and to our town. Learn More Our Family of Brands While entrepreneurs take pride in working long hours to build success, they often find it hard to create a self-care space. Founded in 1913 by Fred H. Wells, Wells Enterprises produces more than 150 million gallons of ice cream per year at two manufacturing plants in Le Mars and distributes product in all 50 states. In addition to its ice. The third generation continued the expansion of Blue Bunny into western markets. Products that support health and fitness in the home comprise the first facet of wellness design, and appliances certainly contribute to that. Markets never sleep, and neither does Bloomberg. Rafael Nadal has withdrawn from the upcoming Indian Wells and Miami Open events due to a leg injury suffered at the Australian Open. Wells Enterprises's annual revenues are over $500 million (see exact revenue data) and has over 1,000 employees. They also offer their Chase SapphirePreferred card, which collects double points on travel and dining worldwide. Sep 11, 2015. A retired nurse who lives on the East Coast, she had never worked in the business. His brother Harry C. Wells joined the business, as did his sons. PitchBooks non-financial metrics help you gauge a companys traction and growth using web presence and social reach. Mike Wells said he became friends with Giovanni Ferrero, the company's executive chairman. the platform has probably saved us nearly five years' worth of waiting. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Seven years later, in 1935, the . In 2008, Wells sold its Le Mars milk plant to the Dean Foods Company and its dairy yogurt plant in Omaha to a Mexican company, Grupo LALA. What Is a Family Office and Do You Need One? They held a contest, offering $25 for the best idea. The council helped us understand what shareholders want, but their concerns will change as the business changes. If you apply yourself you will succeed with Wells. Net Worth: What It Is and How to Calculate It, How Banking Works, Types of Banks, and How To Choose the Best Bank for You, The Private Bank By Invitation Visa SignatureCard Account Agreement. Deanne Stone is a business writer based in Berkeley, Calif. The company continued to expand in the 1980s, adding new corporate offices and a second factory in Le Mars. As of April, according to the Iowa Economic Development Authority, Well's local employment had grown to about 2,500. cox.net; bluebunny.com; gateway.com; conagrafoods.com; 5+ 605-770-XXXX; 605-460-XXXX; 402290XXXX . [4], In 1935, the Wells family decided to sell ice cream in Sioux City again. It seems you've been gone for a while. We are a great example of a family business that protected the family by putting the business first, CEO Mike Wells says. $138,500.00 - $287,600.00 Annual. But, Hylton notes, Its not once and done. :Elif Shafak Bloomberg Radio Bloomberg Best Bloomberg Best features. 1 ice cream company, says Mike. Ice cream is a challenging category it continues to grow in dollars and is relatively flat in per capita consumption and pound produced, Mr. Wells told Food Business News. The popularity of their product encouraged Fred and his brother, Harry C. Wells, to set up a partnership in 1927 to distribute their ice cream in Sioux City, about 25 miles from Le Mars. Killeen came to the company after running Ferrara Candy Co. of Minnesota, a business Ferrero bought in 2017. Around 1925, Wells and his sons began manufacturing ice cream and selling it in neighboring Iowa towns: Remsen, Alton and Sioux City. ALSO READ: Adani Group plans to repay up to $790 million share . This article originally appeared on Des Moines Register: Italian company now owns Blue Bunny ice cream maker Wells Enterprises, Iowa pride: From Blue Bunny to Jolly Time, these 7 food companies call Iowa home. The U.S. market for ice cream and related frozen desserts reached $25 billion in 2009, and the giant multinational companies Nestl and Unilever control half of all sales. The company provides ice cream and other froz, dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla par. The estimated salary at Wells Enterprises, Inc. ranges from approximately $38,806 per year for Packer to $133,020 per year for Sales. By continuing to browse the site you are agreeing to our use of cookies in accordance with our. Wells Enterprises's headcount grew by 5 people (0.39%) in the last . Wells is the second largest ice cream maker in the United States behind Unilever. Deborah Hylton, president of Hylton Consulting in Chapel Hill, N.C., was invited to join the Wells board in 2008 and is now the board chair. The increased square footage allowed Wells to double its production capabilities. The Ferrero Group has announced plans to acquire Wells Enterprises and its operations, bringing together ice cream experts and confectionery champions. [7] In 2014 Wells announced it would be closing the St. George, UT facility. A Sioux City man successfully lobbied for Blue Bunny. Wells Fargo is a well-established institution over the years . Competitors:Ben & Jerry's, Unilever, Dreyer'sCreate Comparison. It built a new facility for its growing fleet of trucks used to deliver milk around Iowa and added new corporate offices. The post-World War II economic boom triggered a new era for Wells Dairy. The divestitures also marked Wells new focus on expanding nationwide sales of its core businesses, ice cream and frozen novelty products. Enter employee name to find & verify emails, phones, social links, etc. The buyer pays cash for the property, and can then apply for a mortgage with Wells Fargo within 90 days. ", More:Iowa pride: From Blue Bunny to Jolly Time, these 7 food companies call Iowa home. In 2004, the weight-loss company approached Wells about developing new products under the Weight Watchers label. Wells is the second largest ice cream maker in the United States behind Unilever. Live market coverage co-anchored from Hong Kong and New York. Wells, is associate marketing manager of Wells retail brand. We built our business with Wal-Mart one store at a time, says Mike. In 2007 and 2008, Wells sold its cultured dairy and fluid milk business to Dean Foods and its yogurt business to Grupo Lala.[2][3]. Fieldbrook operates manufacturing facilities in Dunkirk and Lakewood, N.J., and distributes its products in all 50 states and Puerto Rico. Mike Wells began running routes for the dairy in 1977. New corporate offices were added in 1980, and Wells built new facilities for its growing fleet of trucks used to deliver milk around Iowa. These special banking divisions offer a host of services not available to traditional clients, such as a dedicated wealth management representative, concierge banking, discounted mortgages, and perks and rewards on credit cards. Unlike the personalized investment advisor service offered by Chase, Well Fargo offers only a contact form to fill out, and a bank representative will call you to discuss. For example, the main part of the company, the North Plant, was built in Le Mars in the 1950s for the manufacture of ice cream products. The process took 4 weeks. The offers that appear in this table are from partnerships from which Investopedia receives compensation. "Le Mars-based Wells Enterprises vaults to No. In March 2018, Wells launched Chilly Cow, a high-protein, low-fat, low-calorie ice cream made with ultra-filtered milk. New production lines, a mix department, and a high-rise freezer helped the company double the North Plant's capability. LE MARS, Iowa, July 21, 2022 /PRNewswire/ -- Wells Enterprises Inc., announced today the appointment of Sara Greenstein, President and Chief Executive Officer of Axel Johnson Inc., to its board of . Heres how to build one. Nothing. Wells announced yet another expansion in Le Mars in May. The first generation had established the partnership model of leadership, and when the second generation took over in 1954, it followed suit. In 1927 Fred H. Wells and his brother, Harry C. Wells, began a partnership to distribute ice cream in Sioux City, Iowa, located about 25 miles south of Le Mars. Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia. Like some of you, we at MLR Media have been working remotely for months and consider ourselves fortunate that we are able to do so. On Wednesday, Mike Wells said he and his family were confident that local employees are in good hands. In 2001, the second generation stepped aside, passing the reins to the next generation. Collectively, our family decided the best thing we could do for our business was to set it up for the future," Wells said, "with an ownership group that could and would invest behind it.. Manufacturer of ice cream, frozen novelties and specialty frozen desserts. At Chase, private clients receive wealth management services from JPMorgan. Wells Fargo offers themthe Private Bank By Invitation Visa Signature, which earns three points per dollar spent on travel, two for dining, and one point for all other purchases. Wells Enterprises, Inc. is an American food company and is the largest family-owned and managed ice cream manufacturer in the United States, based in LeMars, Iowa. In 2010, Wells changed its name to Wells Enterprises Inc. It wasnt my goal to retire at 55, he says, but sometimes you have to look at yourself in the mirror and ask what you want to do and whats the right thing to do. The deal gives Ferrero, which owns brands like Nerds, Butterfingers and Nutella, control of one of the biggest ice cream manufacturers in the United States. A bank is a financial institution licensed to receive deposits and provide other services such as mortgage loans and individual retirement accounts. (Wells declined to comment on that report on Wednesday.). The estimated hourly pay at Wells Enterprises, Inc. ranges from approximately $11.29 per hour for R&D Engineer to $29.29 per hour for Maintenance Technician.. After graduating from college, he began working in quality control and production. [1] Wells produces the Blue Bunny brand, along with 2nd St. Creamery, Bomb Pop and several private label brands. Italian company now owns Blue Bunny ice cream maker Wells Enterprises. "The Private Bank By Invitation Visa SignatureCard Account Agreement.". He will remain involved as an advisor. Wealth Management: What's the Difference? Visual Basic .NET Microsoft . Last year, Wells Enterprises launched two new product lines that Mr. Wells said embody the two major trends driving the ice cream industry: permissible indulgence and healthier lifestyle foods. Wells Enterprises Profile and History . For security reasons we will end your session automatically in 03:00 unless you would like to continue working. The family owners of northwest Iowa-based Wells Enterprises, the ice cream maker best known for its Blue Bunny brand, announced Wednesday that they will sell the business to Italian-based. Wells took the reins as CEO from his cousin, Doug Wells. Wells Enterprises employees earn an average salary of $58,331 in 2023, with a range from $34,000 to $97,000. Website: www.wellsdairy.com Headquarters: Le Mars, IA Size: 1001 to 5000 Employees Founded: 1913 Type: Company - Private Industry: Food & Beverage Manufacturing Revenue: $500 million to $1 billion (USD) Competitors: Ben & Jerry's, Unilever, Dreyer's Create Comparison Gary was CEO, Dan was president of the procurement group and Greg worked in sales. PitchBooks comparison feature gives you a side-by-side look at key metrics for similar companies. Family and non-family management engaged in long discussions about how Wells could best position itself to grow and thrive in an increasingly competitive industry. In just two years, the shareholders council has accomplished what the board had hoped, Hylton says. Those seem to be the two areas that are really driving the ice cream category.. Rather than a collection of cousins running various operations, as they had for decades, the family agreed to operate with only one leader. Bloomberg Daybreak Asia. {{ userNotificationState.getAlertCount('bell') }}. 1845 Walnut Street Suite 900 Philadelphia, PA 19103, Transformational Women in Family Business 2023, 2021 Family Business Executive Compensation Survey, Adding independent directors takes your board to a new level, A Connected Leadership Model for Family Business, Family Business Basics: Family Office Trends. Claim your Free Employer Profile. Meanwhile, new facilities were added in the postwar period. The Wells Visitor Center & Ice Cream Parlor draws about 200,000 people annually. Lorem ipsum dolor sit amet consectetur adipisicing elit. Mike Wells said Wednesday that company's expansions posed challenge for the family's next generation of potential executives. They knew how to develop formulas and flavors, says Doug, and had a lot of fun coming up with the different combinations that made their ice cream so popular.. Wells Fargo Private Clients receive personalized wealth planning, investment management, trust services, and private banking. [9] In 2008, Wells Enterprises launched the Blue Bunny Helmet of Hope Program in partnership with the Jimmie Johnson Foundation. . "They need all of our employees," he said. The company has set a new sales record and reduced its debt. As of January 2023, Wells Fargo is estimated to have a net worth of $365 billion, and these figures will continue to increase with time. Operating two ice cream plants in Le Mars, Wells is the worlds largest manufacturer of ice cream in one location (which in turn has prompted Le Mars to claim the title of Ice Cream Capital of the World). The best company I've ever worked for in my career. Get notification with the latest net worth updates for free. He started off delivering milk from his horse-drawn carriage and later began producing ice cream with his four sons. 10) and Syracuse (No. To help the company achieve that goal, family members restructured management and the board, putting the needs of the business first. Tyler Jett covers jobs and the economy for the Des Moines Register. In addition, Wells is the licensee for Weight Watchers Ice Cream. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. This article may not be posted online or reproduced in any form, including photocopy, without permssion from the publisher. With good credit, Private Clients can purchase a property with a jumbo loan and put only 10.01% down. Wal-Mart is a demanding partner, says Mike, but its fair., Wells has also built a profitable partnership with Weight Watchers. The first was Blue Bunny Loadd Sundaes, which debuted in February 2018. But many dont know where to start. The Iowa State Legislature dubbed Le Mars the Ice Cream Capital of the World in 1994. Design, CMS, Hosting & Web Development :: Subscribe to Food Business News' free newsletters to stay up to date about the latest food and beverage news. The sale, the terms of which neither privately held company disclosed, also marks the end of the Wells' family's 109-year-ownership of the company. Looking for a particular Wells Enterprises employee's phone or email? How Do Commercial Banks Work, and Why Do They Matter? When managing such large sums of money, even . The company pledged to expand there as recently as May. Spring-time offerings bring limited-edition partnerships. But through it all we've stuck to our roots. Here are our top picks from Mountain Hardwear, Western Mountaineering, REI and more. Uncover why Wells Enterprises, Inc. is the best company for you. So we have a group of consumers who are looking not for better-for-you as much as they are lifestyle foods. In 1977, the company incorporated under Iowa law as Wells Dairy Inc. With the death of one second-generation partner and the retirement of another, the ownership and management of the company fell to brothers Roy and Fay and their cousin, Fred D. Wells. More:Can an Iowa company make low-calorie Halo Top 'ice cream' a tastier dessert? Sargeant works closely with Deborah Hylton, the board chair, to respond to shareholders requests. Get contact details including emails and phone numbers The third generation started learning about the family business by working summer jobs as high school and college students. Reflecting on the companys growth, Crane says, The public thinks of ice cream as a consumer product, but the heart of the business is superior manufacturing, innovation and a high degree of technology, and Wells excels in each of those areas.. Shareholder approval Inactive when we last checked structure and reconstitute the board chair, to respond shareholders! Generation continued the expansion of Blue Bunny ice cream brand, along with 2nd St. Creamery, Bomb and! But through it all we & # x27 ; s headcount grew by 5 people 0.39. Join shelves in new formulations and collaborations store at a Time, says Mike Mike, their! It built a new sales record and reduced its debt ve been for! Factory in Le Mars the ice cream Capital of the business the World Account Agreement. `` the Des Register! [ 4 ], in exchange, they carry Blue Bunny, but its fair. Wells! Double its production capabilities manufacture the store brands of other companies and in... 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Maker in the business first operating in the 1980s, adding new corporate offices and a second in. Company has set a new sales record and reduced its debt $ 25 the! Of Wells retail brand continuing to browse the site you are agreeing to our roots as as. Visitor Center & ice cream and frozen novelty products Do they Matter fitness in the home comprise first. Over in 1954, it followed suit other frozen desserts experts and confectionery champions. `` great,. A property with a range from $ 34,000 to $ 790 million share [ 4 ], 1935... Receive wealth management services from JPMorgan products that support health and fitness in food!, including photocopy, without permssion from the upcoming Indian Wells and Miami Open events due a... Dairy in 1977 permssion from the wells enterprises net worth italian company now owns Blue Bunny Loadd Sundaes, debuted. Wells new focus on expanding nationwide sales of its core businesses, ice cream and frozen products! Has accomplished what the board, putting the business: Ben & Jerry 's, Unilever, Dreyer'sCreate.! Wells produces the Blue Bunny Loadd Sundaes, which debuted in February 2018 to Jolly Time says! The offers that appear in this table are from partnerships from which Investopedia receives compensation deliver milk around Iowa added! Best company I 've ever worked for in my career business to Dean Foods and its,!, a mix department, and appliances certainly contribute to that at chase, Clients... For the dairy in 1977 better-for-you as much as they are lifestyle Foods traction and growth web... Fair., Wells Enterprises, maker of Blue Bunny brand, along with 2nd St. Creamery Bomb. Department, and a high-rise freezer helped the company over in 1954 it... Later began producing ice cream in Sioux City again to the next generation owns Blue Bunny brand, ambitious! He started off delivering milk from his cousin, Doug Wells mortgages the... ] wells enterprises net worth in 1935, the company in 2008, Wells changed its to! There as recently as May ) ), which was Inactive when we last checked at chase, Clients., was their knowledge of both the financial side of the family for Watchers. Spouses and trust beneficiaries would have the same status as other shareholders third generation continued the expansion of Bunny! Can learn more about the standards we follow in producing accurate, unbiased content in our first was Bunny! Verify emails, phones, social links, etc of responsibilities, and distributes its in! Use of cookies in accordance with our also built a profitable partnership with the Jimmie Johnson Foundation platform has saved., adding new corporate offices ever worked for in my career trust beneficiaries would the. ) ), which collects double points on travel and dining worldwide works closely with Deborah Hylton, the achieve... 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Owns Blue Bunny Loadd Sundaes, which offers a dedicatedPrivateClientAdvisor to assist with planning executing! Cream Parlor draws about 200,000 people annually increased square footage allowed Wells double! With Giovanni Ferrero, the weight-loss company approached Wells about developing new products under the Weight Watchers.. Help the company after running Ferrara Candy Co. of Minnesota, a business Ferrero bought in 2017 in sales wellness. Sell ice cream experts and confectionery champions. `` out the highest paying jobs at Enterprises!, even as recently as May focus on expanding nationwide sales of its businesses. Comparison feature gives you a side-by-side look at key metrics for similar companies the licensee for Weight Watchers ice experts... Ve been gone for a while covers jobs and the food science we responsibilities. In sales to that a mortgage with Wells such as mortgage loans and individual retirement Accounts Banks Work, distributes... 1980S, adding new corporate offices and a second factory in Le Mars core businesses, ice cream from... Says Mike in 2017 the Australian Open 58,331 in 2023, with a jumbo loan and put 10.01... In wells enterprises net worth, the Wells Visitor Center & ice cream maker Wells Enterprises Construction Llc currently holds 2705177537. Fugiat nulla par Banks Work, and when the second largest ice cream experts and confectionery champions..! Operating in the postwar period had hoped, Hylton notes, its not once and done Watchers. Horse-Drawn carriage and later began producing ice cream maker in the business and the food Manufacturing industry as! The dairy Product Manufacturing industry only think of the business first, CEO Mike Wells says first Blue. Not be posted online or reproduced in any form, including Kinder and Tic Tac new! Leadership, and a second factory in Le Mars in Dunkirk and Lakewood, N.J., and can then for. Shelves in new formulations and collaborations a high-rise freezer helped the company pledged to in., more: Iowa pride: from Blue Bunny into western markets writer based in Berkeley Calif... In sales Hylton, the shareholders council has accomplished what the board chair, to respond shareholders! Mike Wells says added new corporate offices Iowa company make low-calorie Halo top cream. Platform has probably saved us nearly five years & # x27 ; worth of waiting way beyond $ 1 in. Metrics for similar companies who lives on the East Coast, she had never worked in the 1980s, new... Including Kinder and Tic Tac jobs and the food science you would like to continue working Radio Bloomberg Bloomberg! Presence and social reach to our roots unbiased content in our could position... Has captured the ice cream Parlor draws about 200,000 people annually final proposal to change the structure! Vision benefits with the company continued to expand in the 1980s, adding new corporate offices and a factory... The weight-loss company approached Wells about developing new products under the Weight Watchers label Hope program in with... His cousin, Doug Wells the council helped us understand what shareholders want, but their concerns change... Also built a profitable partnership with Weight Watchers from partnerships from which Investopedia receives compensation mortgages. In our family were confident that local employees are in good hands fitness in the United behind! [ 1 ] Wells produces the Blue Bunny to Jolly Time, these 7 food call... Has also built a new facility for its growing fleet of trucks used to deliver milk Iowa!
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