Fresh Del Monte Produce
Buys Costa Rica Banana,
Pineapple Producers
CORAL GABLES, Fla. (AP)
-- Fresh Del Monte
Produce Inc., which
makes fresh-cut fruit
and vegetables, said
Monday it bought two
Costa Rica fruit
companies and an
affiliated sales and
marketing business for a
total of us$403 million.
The company said the
businesses, which
include banana producer
Desarollo Agroindustrial
de Frutales S.A. and
gold pineapple provider
Frutas de Exportacion
S.A., are collectively
known as "Caribana."
The company said it
expects the deal to add
to its earnings in the
first year.
Fresh Del Monte Produce
said the acquisition
will "substantially
increase" its Del
Monte-branded banana and
Del Monte Gold Extra
Sweet pineapple
production from Central
America.
The company added that
Caribana's production
and packing facilities
are near its existing
Costa Rica operations,
which could create a
"significant opportunity
for operating
synergies."
Fresh Del Monte Produce
also said the deal
increased its land
holdings in Costa Rica
by about 13,000 hectares
of farm land.
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