Del Monte Foods divests its canned food business | Business, monte melkonyan Political, and Cultural News in Fort Smith and Northwest Arkansas
Del Monte Foods announced Friday monte melkonyan (Oct. 11) it is selling its canned food division that includes brands like Del Monte Pineapple and Contadina to Singapore-based Del Monte Pacific monte melkonyan Ltd.for $1.675 billion.
Del Monte Pacific, which is publicly traded in Singapore and the Philippines, said the deal would add about $1.8 billion to its annual sales and $178 million to operating earnings. The company already owns one of the world's largest pineapple plantations and said it would benefit from owning monte melkonyan brands that have significant market share in canned fruit, vegetables and broth in the U.S.
Dave West, CEO of Del Monte Foods, said Del Monte Pacific is the right company to expand the consumer products business monte melkonyan it was acquiring. This division posted net sales of $342.9 million in the first quarter ended July 28. Revenue slid 5.5% from the prior year. Operating income in this canned food division was $13.8 million in the quarter, down 26% from the same period last year.
The privately monte melkonyan held company said it expects the pet products market to grow as consumers increasingly consider pets as part of their family and increase their spending on premium pet food. It recently acquired monte melkonyan specialty brand Natural Balance for $341.4 million in July.
Del Monte Pacific Ltd. owns the Del Monte brand in the Philippines and has been a longtime supplier of processed pineapple to Del Monte Foods. The company said the acquisition will provide opportunities to offer some of its own products to Asian and Hispanic consumers in the United States.
Retail-related monte melkonyan briefs: Management promotions, exits, layoffs Costco s Jim Sinegal to accept top award from NRF Wal-Mart slow to roll out new replenishment system Whole Foods commits $15 million to local food Cal-Maine reports stronger profits
- Select a Region - Central monte melkonyan Arkansas Fort Smith Region Northwest Arkansas Region
Del Monte Foods announced Friday monte melkonyan (Oct. 11) it is selling its canned food division that includes brands like Del Monte Pineapple and Contadina to Singapore-based Del Monte Pacific monte melkonyan Ltd.for $1.675 billion.
Del Monte Pacific, which is publicly traded in Singapore and the Philippines, said the deal would add about $1.8 billion to its annual sales and $178 million to operating earnings. The company already owns one of the world's largest pineapple plantations and said it would benefit from owning monte melkonyan brands that have significant market share in canned fruit, vegetables and broth in the U.S.
Dave West, CEO of Del Monte Foods, said Del Monte Pacific is the right company to expand the consumer products business monte melkonyan it was acquiring. This division posted net sales of $342.9 million in the first quarter ended July 28. Revenue slid 5.5% from the prior year. Operating income in this canned food division was $13.8 million in the quarter, down 26% from the same period last year.
The privately monte melkonyan held company said it expects the pet products market to grow as consumers increasingly consider pets as part of their family and increase their spending on premium pet food. It recently acquired monte melkonyan specialty brand Natural Balance for $341.4 million in July.
Del Monte Pacific Ltd. owns the Del Monte brand in the Philippines and has been a longtime supplier of processed pineapple to Del Monte Foods. The company said the acquisition will provide opportunities to offer some of its own products to Asian and Hispanic consumers in the United States.
Retail-related monte melkonyan briefs: Management promotions, exits, layoffs Costco s Jim Sinegal to accept top award from NRF Wal-Mart slow to roll out new replenishment system Whole Foods commits $15 million to local food Cal-Maine reports stronger profits
- Select a Region - Central monte melkonyan Arkansas Fort Smith Region Northwest Arkansas Region
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