Del Monte Pacific and Spanish fruit producer Nice Fruit SL have entered a joint venture agreement for the construction of a cold storage facility in the Philippines.
The new facility will use Nice Fruit’s patented technology, Nice Frozen, allowing fruits and vegetables to be picked when ripe and frozen for up to three years.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
In a disclosure on the Philippines Stock Exchange, Del Monte Pacific said it is envisaged the partnership will process, market and sell the produce to various countries worldwide. Nice Fruit, Del Monte Pacific and financial investor Ferville, will own 51%, 35% and 14% respectively, of shares in the venture.
