US fresh produce supplier Calavo Growers is to add another production facility to its roster, this one in Portland, Oregon.
The California business said the facility would be used by its its Renaissance Food Group (RFG) arm and is a reflection of growth in its avocado business.
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Making the announcement as it recorded its fiscal 2018 fourth quarter and full year results, chairman, president and chief executive officer Lee Cole said: “We continue to invest in RFG’s future growth and, to this end, we will be adding a new production facility in metro-Portland, Oregon, which will also double as a value-added depot for our fresh avocado business.
“We expect this new facility to come online in fiscal 2019 and immediately begin servicing RFG’s existing customers in the Pacific Northwest region (previously supplied by an RFG co-packer).”
The company’s revenues reached US$1.1bn for the year to 31 October, slightly edging the prior year’s record result, while net income totalled $32.3m.
Cole said: “In fiscal 2018, we realised very strong year-over-year growth in key areas of each of our three core business segments: in our Fresh segment, we posted 19% growth in avocado unit volumes; in our RFG segment, we increased our gross profit 15%; and, in our Foods segment, we increased guacamole sales 20% and nearly doubled (+97%) our gross profit.”
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By GlobalDataHe added: “We continue to see long-term growth potential in each of our three business segments and Calavo remains in a strong position – both operationally and financially – to capitalise on this opportunity.”
