Fresh Del Monte prospering in unstable environment
The weak economy didn’t hurt Fresh Del Monte Produce Inc. in the third quarter. In fact, market conditions are working in its favor.
Tuesday, November 4, 2008
“Our competitive situation is growing stronger every day,” chairman and chief executive officer Mohammad Abu-Ghazaleh said during an Oct. 28 conference call. “What we are noticing right now in the market is small growers and other exporters and distributors are feeling the credit squeeze.”
IPACOOP selected the offer of $54 million by Del Monte for the rental of 3 thousand hectares from the COOSEMUPAR banana company for 25 years.
Del Monte withdrew from negotiations for the operation of COOSEMUPAR, and a substitution through government investment is being considered.
The U.S. Food Administration (FDA) prevented the entry of melons grown in Asuncion Mita, Guatemala.
Fresh Del Monte acquired Caribana, a Costa Rican estate that produces bananas and pineapple, for US$403 million. The purchase boosts Del Monte's Central American landholdings to some 13,000 hectares.
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