Fresh Del Monte Produce Inc. has bought two Costa Rican fruit companies and an affiliated sales and marketing business, according to the fresh-cut fruits and veggies company’s online news bulletin.
Fresh Del Monte gobbled up Caribana, a group consisting of banana producer Desarrollo Agroindustrial de Frutales, pineapple provider Frutas de Exportación and a sales and marketing company, for a cost of $403 million.
“Caribana is a natural fit with Fresh Del Monte. Its products perfectly mirror those we currently offer. This transaction substantially increases Del Monte branded banana and Del Monte Gold Extra Sweet pineapple production for us from Central America,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s chairman and chief executive officer.
Caribana sells 18 million boxes of bananas annually, and the acquired gold pineapple production is estimated to reach approximately five million boxes per year, according to the bulletin.
With the acquisition, Fresh Del Monte’s property holdings in Costa Rica increase by about 13,000 hectares of farm land.