USA/UK: Fresh Del Monte Produce acquires Fisher Foods' UK chilled division
Fresh fruit production and marketing giant Fresh Del Monte Produce (FDM) has agreed to buy out UK-based Fisher Foods Limited's chilled division from the administrative receivers, KPMG.
The acquisition includes three premium facilities dedicated to the handling of chilled fresh-cut fruit, bagged and dressed salads, and fresh-cut vegetables. The purchase will be funded by FDM's existing revolving credit facility and will more than double its fresh-cut revenues.
Building on FDM's US leadership position in the fresh-cut industry segment, the buyout is FDM's first major step into the international fresh-cut market, and effectively positions the company to leverage the power of the Del Monte® brand. It also enables the company to penetrate the rapidly growing, high-margin fresh-cut produce market in the UK, a market that has few competitors of the scale and global capabilities of Fresh Del Monte.
FDM's chairman and CEO Mohammad Abu-Ghazaleh explained that this acquisition is important for several reasons: "UK consumers, like their US counterparts, are increasingly demanding the ease and convenience of prepared fruit and vegetables. FDM's expanded presence in this market will allow us to tap into the rapidly growing global market in much the same way as we did in the US."
Abu-Ghazaleh added: "We have already demonstrated our leadership position in the fresh-cut industry segment in the US, and within the last three years we have become a leader in the highly fragmented US market and we look forward to expanding our leadership position on a global basis."
Companies: Del Monte Foods
Philippines-based food and beverage giant San Miguel recently fought off competition from New Zealand dairy giant Fonterra to acquire National Foods, leader in the Australian dairy market. As San Migu...
Del Monte Foods, one of the US's largest manufactures and distributors of branded and private label food and pet products, announced Friday (16th December) that it would be paying out a dividend of US...
First Pacific Co said today (Monday) that it had scrapped its takeover plan for Del Monte Pacific after the pineapple canner's second-largest shareholder exercised its pre- emptive right, reports the ...
Philippines-based food and beverage giant San Miguel has announced that it has formed a joint venture with NutriAsia to acquire Del Monte Pacific....
Branded and private label food producer Del Monte Foods has reported rises in sales and net income for the second quarter ended 30 October 2005, bolstered by higher prices and increased volume from ne...
Ketchup and baked bean giant H J Heinz has reported rise in sales and net income for the second quarter ended 26 October 2005....
US fresh produce firm Fresh Del Monte has reported net income of $5.7m for the third quarter to 30 September, compared with $13.7m in the third quarter of 2004....
Branded and private label food producer Del Monte Foods has reported first quarter net profit at almost double the level achieved a year ago, helped by higher prices....
- General Mills sales woes continue - analysis
- Why personalisation will take-off in US food
- Comment: Meal kits in US - don't believe the hype
- US food next wave on display at Winter Fancy Food
- Column: Kraft Heinz, Unilever and sustainability
- Unilever 'lining up spreads sale'
- UK own-label firm Park Cakes sold in MBO
- Immigration crackdown "risk" for US dairy industry
- BRF plant suspended amid bribery allegations
- Fonterra cuts earnings forecast