US: Calavo reaps benefits from expansion
Increased avocado sales and recent tomato and mushroom deals has driven rising profits at US-based fruit and veg distributor Calavo Growers.
The company booked a 29% jump in operating income to US$12m on the back of an 11% rise in revenues to $303m.
Chairman, president and CEO Lee Cole said the company's "aggressive, strategic business agenda" had boosted profits. "The recently completed year was clearly one of the most transformative in Calavo history," he added.
Calavo recently signed three deals in four months as it expanded its business outside avocados.
Last month, Calavo signed an agreement to sell Calavo-branded mushrooms on the West Coast of the US after signing a deal with a Canadian company Farmers' Fresh Mushroom.
In November, the company struck a deal to distribute the Maui Gold fresh pineapple brand throughout North America.
In August, Calavo launched Calavo -branded tomatoes after a deal with Mexican vegetable producer Agricola Belher.
Sectors: Fresh produce
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