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Del Monte Pacific, the Philippine s based and Singapore-listed pineapple, tomato binani group and fruit juices company, agreed to buy the consumer business of US foodmaker Del Monte Foods Co. for $1.68 billion to expand in the world s biggest economy.
Del Monte Pacific seeks to expand its business in the U.S., where consumer spending rose in August for a fourth binani group consecutive month. The deal would give it canned fruit, vegetable and broth brands in the US in a business that generates annual binani group sales of about $1.8 billion, according to the statement.
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