Featured Company News – Del Monte Pacific Ltd and Fresh Del Monte Produce Settle Dispute; Launch JVs for Collaborative Expansion Globally

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LONDON, UK / ACCESSWIRE / June 30, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Fresh Del Monte Produce Inc. (NYSE: FDP), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=FDP. Del Monte Pacific Limited and Fresh Del Monte Produce Inc. announced on June 27, 2017, a series of joint ventures (JVs) between the two Companies that would result in expansion of refrigerated offerings sold across all distribution and sales channels. The Companies additionally announced a new retail food and beverage concept modeled after the successful launch of Fresh Del Monte Produce Business in the Middle East. Del Monte Pacific Ltd is 67%-owned by NutriAsia Pacific Ltd and Bluebell Group Holdings, Ltd, which are beneficially-owned by the Campos family of Philippines. For immediate access to our complimentary reports, including today’s coverage, register for free now at: http://protraderdaily.com/register/.

Discover more of our free reports coverage from other companies within the Farm Products industry. Pro-TD has currently selected Calavo Growers, Inc. (NASDAQ: CVGW) for due-diligence and potential coverage as the Company reported on June 06, 2017, its record Q2 FY17 operating results, with virtually all key metrics reaching new all-time, single-period highs. Tune in to our site to register for a free membership, and be among the early birds that get our report on Calavo Growers when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on FDP; also brushing on CVGW. Go directly to your stock of interest and access today’s free coverage at:

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The Announcement

The JVs between the two Companies follow the full and final settlement of all active litigations and disputes between Del Monte Pacific Limited, and its subsidiary, Del Monte Foods, Inc., on one hand, and Fresh Del Monte Produce, Inc., on the other hand. The long-standing dispute between the two Companies was regarding the licensing rights and product distribution in different territories and markets around the world.

Fresh Del Monte Produce views this agreement as a step to innovate on a much broader and deeper scale than each firm can achieve individually. A major joint initiative is the introduction of Del Monte branded retail outlets, featuring an assortment of nutritious foods and beverages to meet the elevating demand of consumers for healthier food options. The Companies additionally announced that they will collaborate on several product developments, including an assortment of chilled juices, different varieties of prepared refrigerated fruit snacks and guacamole and avocado products.

The Companies

In the year 1989, America’s Del Monte Corp. divested into two entities, namely, Del Monte Tropical Fruit and Del Monte Foods, where Del Monte Tropical Fruit was renamed to Fresh Del Monte Produce, and was eventually acquired by Abu-Ghazaleh’s group. Post the acquisition by the Group, Fresh Del Monte Produce has grown to become one of the world’s leading vertically integrated producers, marketers, and distributors of fresh and fresh-cut fruits and vegetables, and a leading producer and distributor of ready-to-eat food in Europe, Africa, Middle-East, and countries, which were formerly, the part of the Soviet Union.

Del Monte Pacific Limited, on the other hand, is owned by the Campos family and traces its roots to the business originally set up by Del Monte Corp. in the Philippines in 1926. The Campos family’s NutriAsia, Ltd acquired a controlling stake in the Company in 2006. A major initiative under the joint venture will be the launch of Del Monte branded retail outlets in the US, which will sell an assortment of fresh food and beverages.

This collaboration enables each partner of the venture to share expertise and optimize economies of scale in product development, operations, sourcing, supply chain, marketing, and distribution. Additionally, along with new retail and product ventures, the Companies have also agreed to a long-term mutual supply agreement to boost the expansion of the Del Monte flagship and product sales in different markets around the world.

Last Close Stock Review

On Thursday, June 29, 2017, Fresh Del Monte Produce’s stock closed the trading session at $50.20, marginally down 0.81% from its previous closing price of $50.61. A total volume of 180.60 thousand shares were exchanged during the session. Shares of the Company have a PE ratio of 13.69 and have a dividend yield of 1.20%. The stock currently has a market cap of $2.59 billion.

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