Profile: Fresh Del Monte Produce Inc (FDP.N)

FDP.N on New York Stock Exchange

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Fresh Del Monte Produce Inc., incorporated on August 29, 1996, is engaged in sourcing, transportation and marketing fresh and fresh-cut fruit and vegetables, as well as a producer and distributor of prepared fruit and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East. The Company sources its fresh produced products, , such as bananas, pineapples, melons, tomatoes, grapes, apples, pears, peaches, plums, nectarines, cherries, citrus, avocados, blueberries and kiwi from Central and South America, Africa, the Philippines, North America and Europe. The Company sources its prepared food products from Africa, Europe and the Middle East. It produce, source, distribute and market a broad array of fresh produce throughout the world, under the DEL MONTE brand, as well as under other brands, such as UTC and Rosy. It also produce, distribute and market prepared fruits and vegetables, juices, beverages and snacks under the DEL MONTE brand, as well as other brands, such as Fruit Express, Just Juice, Fruitini.

As of 2013, the Company transported its fresh produce to markets using fleet of 15 owned and 8 chartered refrigerated vessels, and operated four port facilities in the United States. It also operates 39 distribution centers, including the United States, Germany, Japan, South Korea, Hong Kong, France the United Arab Emirates and Saudi Arabia. The Company also operates 15 fresh-cut facilities in the United States, the United Kingdom, Japan, the United Arab Emirates and Saudi Arabia.

Bananas

The Company produces bananas on company-controlled farms in Costa Rica, Guatemala, Brazil, Cameroon and the Philippines and purchase bananas from independent growers in Costa Rica, Ecuador, Colombia, Guatemala and the Philippines. Approximately 87% of the Company’s Philippine-sourced bananas are supplied by one grower, representing 17% of the Philippines banana industry volume in 2013.

Gold Pineapples

Pineapples are grown in tropical and sub-tropical locations, including the Philippines, Costa Rica, Hawaii, Thailand, Malaysia, Brazil, Indonesia and various countries in Africa. As of 2013, Pineapple sales in North America, Europe, Asia and the Middle East accounted for 60%, 19%, 15% and 5%. The production and procurement areas for gold pineapples are Costa Rica and the Philippines.

Fresh-Cut Produce

The Company’s fresh-cut produce include Del Monte Gold Extra Sweet pineapples, melons, grapes, citrus, apples, mangos, kiwis and assorted vegetable produce items that are washed, cut and packaged in a ready-to-use form. The fresh-cut produce is sold to consumers through retail and club store settings, as well as non-conventional settings such as convenience stores, gas stations and airports. The Company also offers fresh-cut vegetables for prepared salads. The Company purchases vegetables from independent growers in the United States, Europe and in the Middle East. Its fresh-cut products are sold in the United States, the United Kingdom, the Middle East and Japan.

Non-Tropical Fruit

Non-tropical fruit includes grapes, apples, pears, peaches, plums, nectarines, cherries, avocados, citrus and kiwis. Grapes constitute approximately 35% of the Company’s non-tropical fruit sales. Fresh grapes are also processed for the production of wine, raisins, juices and canned products. Approximately 25% of the Company’s non-tropical fruit sales are from the sale of avocados. As of 2013, non-tropical fruit sales in North America, Europe, the Middle East, Asia and South America accounted for approximately 52%, 5%, 27%, 10% and 6% of total sales of non-tropical fruit. The Company obtains supply of non-tropical fruit from Company owned farms in Chile and from independent growers in Chile, the United States and Mexico.

Melons

The Company provides variety of melons, such as cantaloupe, honeydew, specialty melons and watermelon. Melons are grown in temperate and tropical locations and have a relatively short growing cycle. As of 2013, cantaloupes melons represented approximately 74% of the Company’s melon sales. As of 2013, melon sales in North America and Europe accounted for 94% and 5% of the Company’s net sales. In Arizona, the Company owns melon growing operation on approximately 3,500 acres of leased land.

Tomatoes

The Company source tomatoes from the United States, Mexico, Canada and Guatemala. As of October 2013, the Company acquired approximately 7,200 total acres of agricultural production land, packing houses and farm equipment in Florida and Virginia for growing tomatoes.

Vegetables

The Company distributes and markets a variety of vegetables including potatoes, onions, bell peppers and cucumbers. The Company source vegetables from independent growers in North and Central America and from its own greenhouse operation in Costa Rica.

Other Fruit, Products and Services

The Company produces, distributes and markets other fruit, including strawberries, plantains and mangos, as well as various other varieties of fruit. The Company source these other fruit items from company controlled farms and independent growers in Costa Rica, Colombia, Guatemala and the United States.

Other Fruit, Products and Services is also includes the Company’s ocean freight business, third-party plastics and box manufacturing business. The Company’s plastics and box manufacturing business produces bins, trays, bags and boxes.

Prepared Food

The Company owns license to use the Del Monte Trademark in connection with the production, manufacture, sale and distribution of prepared foods and beverages in over 100 countries throughout Western, Eastern and Central Europe, Africa, the Middle East and countries formerly part of the Soviet Union.  In Europe, Del Monte is associated with fruit-based or fruit-derived products and canned fruit and pineapple. The Company produce, distribute and market prepared pineapple, peaches, fruit cocktail, pears, tomatoes, fruit juices and other fruit and vegetables. Its prepared pineapple products are sourced from our own facility in Kenya. The Company’s deciduous prepared food products, which include peaches, fruit cocktail, pears and apricots are sourced from its own facility in Greece and from independent producers. The tomato products are sourced from independent producers in Europe and the Middle East. The Company also distributes and market beverages, including ambient juices and juice drinks as well as various snacks.

The Company also produces and market industrial products that are composed of fruit that has been processed in the form of purees, pulps and concentrates for further processing, such as juice, yogurt, cake manufacture, pizza, etc. The prepared food segment also includes Jordanian food business. This business includes poultry business, including poultry farms, feed mill, slaughterhouse and a meat processing plant in Jordan. The meat processing operation provides meat products for the Jordanian market and to other Middle East and North African markets.

Company Address

Fresh Del Monte Produce Inc

241 Sevilla Ave Fl 12
CORAL GABLES   FL   33134-6622
P: +1305.5208400
F: +1305.5670320

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