Fresh Del Monte acquires its former sibling
Oct 5, 2004 12:16 PM, from staff and wire reports
Fresh Del Monte Produce has acquired Del Monte Foods Europe for $340 million in cash. The Coral Gables FL-based fruit and vegetable producer announced its plans to purchase the processed foods company in July. Fresh Del Monte Produce paid for the acquisition mainly through its credit facility.
Despite the similarity of their names, both companies had been separate entities since 1979. That year, R J Reynolds bought Del Monte Corp, onetime parent of both companies. Reynolds divided the fresh produce operation and the canned fruit and vegetables business and sold them separately.
Del Monte Foods Europe produces, markets, and distributes processed fruit, vegetables, juices, snacks, and desserts.
