Fresh Del Monte Produce Completes Acquisition of Del Monte Foods Europe; Acquisition Establishes Significant New Growth Platform for Fresh Del Monte.CORAL GABLES Coral Gables, city (1990 pop. 40,091), Miami-Dade co., SE Fla., SW of Miami; inc. 1925. Founded at the height of the Florida land boom, Coral Gables is a noted planned city, with tree-lined boulevards and Mediterranean-style buildings. , Fla. -- Fresh Del Monte Produce Fresh Del Monte Produce (NYSE: FDP) is a major producer and distributor of fruit and other agricultural products.
The company came into existence in its current form in 1996, after a change of ownership. Inc. (NYSE NYSE
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fibrin (fibrinogen) degradation product. ), one of the world's largest producers and marketers of fruit and vegetables, today announced that the Company has completed its acquisition of Del Monte Foods Del Monte Foods (NYSE: DLM) is an American food production and distribution company based in San Francisco, California.
It offers canned goods in Del Monte, S&W and Contadina brands, pet foods under Kibbles n' Bits, 9Lives, Pounce, Milk-Bone and several premium brands, Europe. Fresh Del Monte had previously announced its intention to acquire the company in July 2004. Fresh Del Monte acquired Del Monte Foods Europe for approximately $340 million in cash, financed primarily through the Company's credit facility.
Del Monte Foods Europe is a vertically integrated producer, marketer and distributor of processed fruit and vegetables, juices, snacks and desserts. The company holds a perpetual, royalty-free license to use the Del Monte(R) brand for processed and/or canned foods canned food
food sterilized by heat in a closed, durable container such as tin and aluminum cans, flexible aluminum foil and thermoplastic containers including squeeze tubes. Technically, the processes used are highly efficient and used universally. in more than 100 countries throughout Europe, Africa and the Middle East. Del Monte(R) is the leading brand for canned fruit and pineapple pineapple, common name for one member of and for the Bromeliaceae, a family of chiefly epiphytic herbs and small shrubs native to the American tropics and subtropics. in many Western European markets and is a leading brand in the U.K. beverage market.
"We are extremely pleased to complete the acquisition of Del Monte Foods Europe," said Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer of Fresh Del Monte. "The acquisition establishes a significant new growth platform for Fresh Del Monte in Europe, Africa and the Middle East, and it provides a unique opportunity for our enterprise to leverage the tremendous potential of the Del Monte(R) brand across a wide range of high-growth markets. Moreover, the acquisition allows us to continue to diversify our business across products and geographies in order to drive long-term shareholder value."
Fresh Del Monte Produce Inc. is a leading, vertically integrated producer, marketer and distributor of high quality fruit and vegetables. Fresh Del Monte markets its products worldwide under the Del Monte(R) brand, a symbol of product quality, freshness and reliability since 1892.
This press release contains certain forward-looking statements forward-looking statement
A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 "Key Information - Risk Factors" in Fresh Del Monte Produce Inc.'s Form 20-F for the year ended December 26, 2003.
Note to the Editor: This release and other press releases are available on the Company's web site, www.freshdelmonte.com.