Fresh Del Monte Produce has paid US$403m to buy Costa Rican banana and pineapple producer Caribana.

The US-based company said today (9 June) that the deal would expand its business in the country and boost its Central American production of bananas and pineapples under the Del Monte brand.

“Caribana is a natural fit with Fresh Del Monte. Their products perfectly mirror those that we currently offer,” said Fresh Del Monte chairman and CEO Mohammad Abu-Ghazaleh.

Caribana already supplies Fresh Del Monte with bananas and pineapples from Costa Rica and Abu-Ghazaleh said the deal would help Fresh Del Monte generate savings throughout its supply chain and in procuring raw materials.

“Efficiency is an ongoing key area of focus for Fresh Del Monte and we believe this transaction is a huge win, particularly in the current economic climate,” Abu-Ghazaleh said.