Fresh Del Monte Produce, Inc., one of the world’s largest marketers and distributors of fresh produce, today announced that it has signed a definitive purchase agreement to acquire substantially all of the business, properties and assets of Graziano Produce Company of Portland, Oregon, a leading regional fresh-cut produce supplier in the Pacific Northwest.
“With the acquisition of Graziano Produce, Fresh Del Monte will significantly increase its current fresh-cut produce volume and accelerate the Company’s aggressive strategy to become the leading national producer of branded fresh-cut produce in the United States,” said Mohammad Abu-Ghazaleh, Chairman and CEO of Fresh Del Monte. “This acquisition is consistent with our ongoing product diversification initiative and also leverages our national distribution network and worldwide sourcing and selling infrastructure. With the addition of this acquisition, Fresh Del Monte will now have significant market penetration in the Northwestern United States complementing its North Atlantic and Midwest distribution achieved in prior acquisitions. We are well on our way to a national rollout of our product line of branded fresh-cut fruit and vegetables. This fresh-cut initiative will equip Fresh Del Monte with resources to supply operators with high quality products and services for supplying the food service, retail, grocery and institutional sectors of the industry.”
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The principal factors that attracted Fresh Del Monte to Graziano Produce were its strategic Pacific Northwest location, breadth of product line, and quality of management. The modern facility is equipped with state of the art equipment and leading edge technology from receipt of the raw product to shipment of finished product. Graziano Produce has achieved the industry recognition award, “Fresh-Cut Processor of the Year,” for exemplary quality and safety performance from the International Fresh-Cut Produce Association.
The Company stated that it expects the acquisition of Graziano Produce to immediately contribute to earnings and lead to further expansion in the fresh-cut fruit and vegetable category. Year to date, Fresh Del Monte has opened distribution and processing centers in Los Angeles, New Orleans, and Kansas City, bringing the total number of facilities to fifteen.
Fresh Del Monte is one of the world’s largest producers and marketers of fresh fruit, vegetables and other produce. The Company grows, distributes, transports and markets its fresh products to more than 50 countries worldwide.
This press release contains certain forward-looking statements regarding the intents, beliefs or current expectations of the Company or its officers with respect to various matters. These forward-looking statements are based on information currently available to the Company and the Company assumes no obligation to update these statements. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company’s actual results may differ materially from those in the forward-looking statements as a result of various important factors, including those described under the caption “Description of Business — Risk Factors” in Fresh Del Monte Produce, Inc.’s Form 20-F for the year ended December 31, 1999.
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