Del Monte Pacific takes in Spain's Nice Fruit, UK's Ferville on food processing deal

Fruit grower and canner Del Monte Pacific Limited has struck a deal with Barcelona-based fruit processor and UK-based investment firm to put up a food processing facility in the Philippines and market frozen fruits globally.

 

In a disclosure to the Philippine Stock Exchange Monday, Del Monte Pacific said its board approved a joint venture with Nice Fruit SL and Ferville Limited to process, market and sell Nice Fruit frozen products to various markets overseas.

"The joint venture will give us access to the growing fresh frozen market where we currently do not compete," COO Luis F. Alejandro told GMA News Online in a text message.

 

Under the agreement, Del Monte will own 35 percent of the venture while Nice Fruit will have 51 percent equity and Ferville 14 percent.

 

Barcelona, Spain-based Nice Fruit is a global company engaged that produces and distributes fruits and vegetables.

 

Ferville, on the other hand, is a minority financial investor responsible for hammering out joint ventures.

 

The venture involves establishing a modern facility in the Philippines that will utilize Nice Fruit’s patented technology – Nice Frozen Dry – that allows fruits, vegetables and other produce to be frozen for up to three years with its nutrients, structure, original properties and organoleptic characteristics preserved. 

With the technology, Nice Fruit bagged one of the Salon International de l'alimentation (SIAL) Innovation Awards – Catering and Food Service – this year, as well as five other awards at the Alimentaria International Salon in Barcelona.

 

With the Nice Frozen Dry technology, Nice Fruit is betting on radical changes in food consumption habits, and advantages for export and improved food stock management to come about. – VS, GMA News