Iacocca Spreads Into Margarine
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Former Chrysler Corp. Chairman Lee Iacocca, shifting gears from motor oil to olive oil, is now taking aim at the nation’s $1.8-billion market for nonbutter spreads.
Wondering what to do with thousands of gallons of olive oil from his estate in Tuscany, Italy, Iacocca and his son-in-law hit upon the idea of developing a margarine using the oil, which studies have shown can help limit the harmful effects of cholesterol.
Iacocca’s Boston-based Nicola Corp., named after his late father, rolled out Olivio spread in the six New England states and parts of New York and Pennsylvania this month. It will be in stores nationally by the end of 1997.
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