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LONDON, UK / ACCESSWIRE / February 08, 2018 / Active-Investors.com has just released a free research report on Fresh Del Monte Produce Inc. (NYSE: FDP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=FDP as the Company's latest news hit the wire. On February 06, 2018, the Company announced that its North America subsidiary, Del Monte Fresh Produce N.A., Inc. ("Del Monte") inked an agreement to acquire California based Mann Packing Co., Inc., for approximately $361 million. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Fresh Del Monte Produce most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Established in 1939, Mann Packing is an award-winning innovator and leading grower, processor and supplier of a broad variety of fresh and value-added vegetable products in North America. The Company's annual sales were approximately $535 million in 2017.
Details of the Agreement
The purchase amount will be financed with cash on hand and the Company's existing credit facility. Fresh Del Monte expects the acquisition to be accretive to earnings in the first year. The transaction, expected to close in Q1 2018, is subject to regulatory approvals and other customary conditions. Rabobank served as the exclusive financial advisor to Fresh Del Monte.
Acquisition will Allow Fresh Del Monte to Diversify its Business
Commenting on the acquisition, Mohammad Abu-Ghazaleh, Chairman and Chief Executive Officer of Fresh Del Monte, expressed that Mann Packing's strength in the vegetable category, one of the fastest growing fresh food segments, will allow Fresh Del Monte to diversify its business, leverage its distribution network and infrastructure and increase the Company's market reach. Additionally, this transaction will provide the Company with synergies, enhancing its ability to better serve the combined customers and address consumers' needs for healthier products. Mohammad added that this acquisition is a significant step towards the Company's goal to be the world's leading supplier of healthful, wholesome, and nutritious fresh and prepared food and beverages for consumers.
Fresh Del Monte and Del Monte Pacific Formed Joint Ventures in Refrigerated Grocery Products
In June 2017, Fresh Del Monte and Del Monte Pacific Limited (DMPL) announced a series of new joint ventures between the two companies that resulted in expanded refrigerated offerings sold across all distribution and sales channels, and a new retail food and beverage concept modeled after an already successful Fresh Del Monte Produce business in the Middle-East. These joint ventures are initially focusing on the US market with the potential for expansion into other territories where the companies' businesses complement each other. This has greatly increased the scale of the Del Monte® brand by expanding into more high-quality, healthy, and convenient product options for consumers.
DMPL, together with its subsidiaries, is a global branded food and beverage company that caters to today's consumer needs for premium quality healthy products. The Group innovates, produces, markets, and distributes its products worldwide. DMPL and its subsidiaries are not affiliated with certain other Del Monte companies in the world, including Fresh Del Monte Produce Inc.
About Fresh Del Monte Produce Inc.
Fresh Del Monte Produce Inc. is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared healthy snacks in Europe, Africa, and the Middle-East. The Company markets its products worldwide under the Del Monte® brand. Headquartered in Coral Gables, Florida, the Company includes operations in more than 100 countries globally.
Stock Performance Snapshot
February 07, 2018 - At Wednesday's closing bell, Fresh Del Monte Produce's stock declined 1.38%, ending the trading session at $45.68.
Volume traded for the day: 134.36 thousand shares.
After yesterday's close, Fresh Del Monte Produce's market cap was at $2.33 billion.
Price to Earnings (P/E) ratio was at 16.82.
The stock has a dividend yield of 1.31%.
The stock is part of the Consumer Goods sector, categorized under the Farm Products industry.
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