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Young & Rubicam is believed to be exploring different options for raising capital, including a recapitalization. The privately held agency is owned by current and former management and is said to face some weighty payout obligations to those owners.

Armour Swift-Eckrich, Downers Grove, Ill., to Campbell Mithun Esty, Minneapolis, for its $12 million to $15 million Eckrich, Armour and Swift accounts. The company's $17 million Butterball account went to Grey Advertising, New York. Both were at Puskar Gibbon Chapin, Dallas.

Philip Morris Cos. Chairman-CEO Geoffrey Bible told analysts Kraft Foods ad spending would grow "three times as fast as revenues" during the next few years.

Copyright January 1996 Crain Communications Inc.

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