Del Monte Pacific Limited and Fresh Del Monte Produce Announce New Joint Ventures
CORAL GABLES, FL and SINGAPORE & MANILA, PHILIPPINES – Looking to expand its offerings and reach even further Fresh Del Monte Produce has announced a new series of joint ventures with Del Monte Pacific Limited. This move will result in expanded refrigerated offerings, and a new retail food and beverage concept.
“This partnership offers tremendous opportunities for both companies to innovate on a much broader and deeper scale than either company can accomplish individually,” said Mohammad Abu-Ghazaleh, Chairman of the Board and Chief Executive Officer of Fresh Del Monte Produce. “Each company brings a high level of knowledge, experience, and commitment that comes from developing and building the iconic, trusted Del Monte® brand. We also share similar visions for creating products and experiences that will meet the evolving needs of today’s consumer.”
According to a press release, the expansion of the refrigerated offerings will span all distribution and sales channels. The new retail concept will be modeled after the already successful Fresh Del Monte Produce business in the Middle East. The ventures will be facilitated between Del Monte Pacific Limited and its subsidiary Del Monte Foods Inc., along with Fresh Del Monte Produce.
While initially focusing on the U.S. market, these joint ventures will also house potential for expansion into other territories where the companies’ businesses complement each other. These ventures will also greatly increase the scale of the Del Monte® brand by expanding into more high-quality, healthy, and convenient product options for consumers.
“We are pleased that we have resolved our differences and put to rest the financial uncertainty that can arise from prolonged litigation,” said Rolando C. Gapud, Chairman of the Board of Del Monte Pacific Limited. “We look forward to combining the resources of Del Monte Pacific, our U.S. subsidiary Del Monte Foods, and Fresh Del Monte Produce, and focusing our joint efforts on exciting new business opportunities that will provide consumers with more premium quality, healthy products.”
One major joint initiative is the introduction of Del Monte® branded retail outlets. These outlets will feature an assortment of nutritious foods and beverages designed to meet the increasing demands of consumers for healthier food options.
The companies are also collaborating on several product innovations, including a line of chilled juices, new varieties of prepared refrigerated fruit snacks, and guacamole and avocado products. This collaboration allows each partner to share expertise and optimize economies of scale in product development, operations, sourcing, supply chain, marketing, and distribution.
Fresh Del Monte Produce and Del Monte Pacific Limited have also agreed to a long-term mutual supply agreement in order to accelerate the expansion of Del Monte® product sales in various markets around the world.
As more companies within the industry formulate prosperous partnerships, stay tuned to AndNowUKnow for the latest.