MEXICO/USA: Del Monte Foods buys UniMark subsidiary
US food manufacturer Del Monte Foods has announced that its has acquired processed fruit producer Industrias Citricolas de Montemorelos (ICMOSA), a Mexican subsidiary of US fruit producer UniMark.
Del Monte Foods said it had also acquired certain assets of UniMark Foods. The purchase price for ICMOSA and the UniMark Foods assets totals US$950,000. Del Monte also made capital contributions to ICMOSA of approximately $5.6m to enable it to, among other things, extinguish certain debt obligations.
ICMOSA, based in Montemorelos, Mexico, is a producer and distributor of processed tropical and citrus fruits. Its primary customer is Del Monte. The company also produces food ingredients for select foodservice companies outside the US.
"ICMOSA has consistently supplied high quality products to our fruit business for over 4 years," said Richard Wolford, Del Monte's chairman and CEO.
"Del Monte has grown its business with ICMOSA over time and now represents over 80% of its revenues. By acquiring this business, we will have increased flexibility to drive successful innovation in the rapidly growing packaged fruit produce business using our Fruit Naturals and Sun Fresh brands," he added.
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