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|Del Monte Pacific Limited and Fresh Del Monte Produce Announce New Joint Ventures in Retail and Refrigerated Grocery Products|
|Del Monte Pacific Limited and Fresh Del Monte Produce Inc. Joint Venture FAQ’s|
Companies’ Settlement of all Litigation Facilitates New Collaboration and Product Innovation
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The joint ventures are facilitated by the full and final settlement of
all active litigation between
“We are pleased that we have resolved our differences and put to rest
the financial uncertainty that can arise from prolonged litigation,”
“This partnership offers tremendous opportunities for both companies to
innovate on a much broader and deeper scale than either company can
accomplish individually,” said
A major joint initiative is the introduction of Del Monte® branded retail outlets, featuring an assortment of nutritious foods and beverages to meet the increasing demands of consumers for healthier food options. The companies also announced that they are collaborating on several product innovations, including a line of chilled juices, new varieties of prepared refrigerated fruit snacks, and guacamole and avocado products.
The collaboration offers the opportunity for each partner to share expertise and optimize economies of scale in product development, operations, sourcing, supply chain, marketing and distribution.
In addition to retail and new product ventures, the companies have also agreed to a long-term mutual supply agreement to accelerate the expansion of Del Monte® product sales in various markets around the world.
Conference Call and Webcast Details
The call will also be webcast live and can be accessed via a link on the companies’ websites at http://delmontepacific.com, http://delmontefoods.com and http://ir.freshdelmonte.com. Webcast participants can only listen in and will not be able to ask questions. The call will be available for re-broadcast on the companies’ websites approximately two hours after the conclusion of the call.
Frequently asked questions (FAQ’s) about these joint ventures can be accessed on the companies’ websites.
Dual listed on the Mainboards of the
The Group is proud of its heritage brands - Del Monte®,
S&W®, Contadina® and
DMPL is 67%-owned by
Fresh Del Monte 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 food in
This announcement may contain statements regarding the business of Del Monte Pacific Limited and its subsidiaries (the “Group”) that are of a forward looking nature and are therefore based on management’s assumptions about future developments. Such forward looking statements are typically identified by words such as ‘believe’, ‘estimate’, ‘intend’, ‘may’, ‘expect’, and ‘project’ and similar expressions as they relate to the Group. Forward looking statements involve certain risks and uncertainties as they relate to future events. Actual results may vary materially from those targeted, expected or projected due to various factors.
Representative examples of these factors include (without limitation) general economic and business conditions, change in business strategy or development plans, weather conditions, crop yields, service providers’ performance, production efficiencies, input costs and availability, competition, shifts in customer demands and preferences, market acceptance of new products, industry trends, and changes in government and environmental regulations. Such factors that may affect the Group’s future financial results are detailed in the Annual Report. The reader is cautioned to not unduly rely on these forward-looking statements.
Neither the Group nor its advisers and representatives shall have any liability whatsoever for any loss arising, whether directly or indirectly, from any use or distribution of this announcement or its contents.
This announcement is for information only and does not constitute an
invitation or offer to acquire, purchase or subscribe for shares in
This press release contains certain forward-looking statements
regarding the intents, beliefs or current expectations of the Company or
its officers with respect to various matters. These
forward-looking statements are based on information currently available
to the Company and the Company assumes no obligation to update these
statements. It is important to note that these forward-looking
statements are not guarantees of future performance and involve risks
and uncertainties. The Company's actual results may differ
materially from those in the forward-looking statements as a result of
various important factors, including those described under the caption
“Key Information - Risk Factors” in
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