US: Del Monte ponders seafood sale
Del Monte Foods is mulling whether to sell off its seafood business, the US group has admitted.
Del Monte made the revelation after rumours of a possible sale surfaced in local press reports.
In a statement, Del Monte said its board is "exploring strategic alternatives" but that its board had yet to reach a decision.
"The company does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until its board of directors deems it appropriate," Del Monte said.
Rising commodity costs are likely to be a key factor in any decision from Del Monte. The cost of tuna has soared in recent months with estimates that the price of skipjack tuna is 70% higher than a year ago.
Last week, Del Monte said it would relocate around 100 jobs from Pittsburgh to San Francisco.
The company said it would achieve "ongoing annual savings" from the switch to its corporate head office on the West Coast.
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