UK food and drink group Princes, the owner of Napolina canned tomatoes, has set up a tomato processing venture in Italy.
Princes has signed a deal with Italian supplier AR Industrie Alimentari (ARIA) that will see the UK firm take a 51% stake in a new venture between the two companies. No financial details were disclosed.
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ARIA has transferred its tomato processing site in Foggia and its “existing commercial rights” to the Princes Industrie Alimentari venture, Princes owner Mitsubishi Corp., the Japanese conglomerate, said yesterday (24 January).
Mitsubishi said the venture will process up to 400,000 tonnes of fresh tomatoes a year.
Princes MD Ken Critchley was upbeat about the venture. “This is a significant development for our group and an important step in our strategy for further international growth,” he said.
The conglomerate, which acquired Princes in 1989, indicated it would continue to look to use the business to expand further in Europe.
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By GlobalData“Mitsubishi Corp. views Princes as a growth vehicle for its food and drinks business in the European market, and aims to further expand its business in the future.”
In July, Princes snapped up Premier Foods plc’s canned food business, although it had to sell the Fray Bentos brand to satisfy competition concerns. Three months later, Princes sold the brand to Baxters Food Group.
