Del Monte Foods is mulling whether to sell off its seafood business, the US group has admitted.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Del Monte made the revelation after rumours of a possible sale surfaced in local press reports.
In a statement, Del Monte said its board is “exploring strategic alternatives” but that its board had yet to reach a decision.
“The company does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until its board of directors deems it appropriate,” Del Monte said.
Rising commodity costs are likely to be a key factor in any decision from Del Monte. The cost of tuna has soared in recent months with estimates that the price of skipjack tuna is 70% higher than a year ago.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLast week, Del Monte said it would relocate around 100 jobs from Pittsburgh to San Francisco.
The company said it would achieve “ongoing annual savings” from the switch to its corporate head office on the West Coast.
