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United States

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

FDP.N on New York Stock Exchange

46.01USD
22 Nov 2017
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Fresh Del Monte Produce Inc., incorporated on August 29, 1996, is a holding company. The Company, through its subsidiaries, is engaged in sourcing, transportation and marketing of fresh and fresh-cut produce together with prepared food products in Europe, Africa and the Middle East. The Company's operations are aggregated into business segments on the basis of its products: bananas, other fresh produce and prepared food. 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 distributes its products in North America, Europe, Asia, the Middle East, Africa and South America. The Company markets its products around the world under the DEL MONTE brand. It also sells produce under various other brands, including UTC, Rosy, Fruit Express, Just Juice, Fruitini and other regional brands.

As of December 31, 2016, the Company transported its fresh produce to markets using its fleet of 12 owned and six chartered refrigerated vessels, and it operated four port facilities in the United States. As of December 31, 2016, it also operated 40 distribution centers, with cold storage and banana ripening facilities in its markets across the world, including the United States, Japan, South Korea, the United Arab Emirates, Saudi Arabia, Hong Kong, Germany and France. As of December 31, 2016, it also operated 18 fresh-cut facilities in the United States, the United Kingdom, France, Japan, the United Arab Emirates and Saudi Arabia, some of which are located within its distribution centers. It markets and distributes its products to retail stores, club stores, wholesalers, distributors and foodservice operators.

Bananas

The Company's bananas segment produces bananas on Company-controlled farms in Costa Rica, Guatemala, Brazil and the Philippines and it purchases bananas from independent growers in Costa Rica, Ecuador, Colombia, Guatemala, Cameroon and the Philippines. It also makes purchases in the spot market, primarily in Ecuador. As of December 31, 2016, in the Philippines, it had leased approximately 5,600 hectares of land where it had planted approximately 4,500 hectares of bananas for the Asia and the Middle East markets.

Other Fresh Produce

The Company's other fresh produce segment includes pineapples, melons, non-tropical fruit (including grapes, apples, pears, peaches, plums, nectarines, citrus, kiwis and blueberries), avocados, fresh-cut products, other fruit and vegetables, a third-party ocean freight business, a plastic product and box manufacturing business. Its pineapple products include Del Monte Gold Extra Sweet pineapple. The principal production and procurement areas for its pineapples are Costa Rica and the Philippines. The pineapples sold by the Company are produced on Company-controlled farms. It offers a range of fresh-cut fruit and vegetable items. The majority of 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. Its fresh-cut fruit products include Del Monte Gold Extra Sweet pineapples, melons, grapes, citrus, apples, mangoes, kiwis and other fruit items. The fruits it uses in its fresh-cut operations are sourced within its integrated system of Company-controlled farms and from good agricultural practices (GAP)-certified independent growers. It also offers fresh-cut vegetables for prepared salads. It purchases its vegetables from GAP-certified independent growers principally in the United States, Europe and in the Middle East. Its fresh-cut products are sold in the United States, Canada, the United Kingdom, the Middle East, Japan and Korea.

The Company's non-tropical fruit includes grapes, apples, pears, peaches, plums, nectarines, cherries, citrus and kiwis. Fresh grapes are also processed for the production of wine, raisins, juices and canned products. It obtains its supply of non-tropical fruit from Company-owned farms in Chile and from independent growers principally in Chile and the United States. In Chile, it purchases non-tropical fruit from independent growers and also produces a range of non-tropical fruit on Company-owned or leased land. Its avocados are sourced principally from Mexico. It also obtains its supply of avocados from independent growers in the United States, Chile and Peru. In Mexico, the Company has its own sourcing operations. The Company sells a range of melons, including cantaloupe, honeydew, watermelon and specialty melons. It sources melons from Company-controlled farms and independent growers in Central America. As of December 31, 2016, in Arizona, the Company had its own melon growing operation on approximately 2,300 acres of leased land.

The Company sources its tomatoes from the United States, Mexico, Canada and Guatemala. It has a greenhouse tomato operation in Guatemala where it sources volume for the North America market. The Company distributes and markets a range of vegetables, including potatoes, onions, bell peppers and cucumbers. It sources its vegetables from independent growers in North and Central America and from its own greenhouse operation in Costa Rica. The Company produces, distributes and markets a range of other fruit, including strawberries, plantains and mangoes, as well as various other fruits. It sources these other fruit items from Company-controlled farms and independent growers in Costa Rica, Colombia, Guatemala and the United States. Its other fruit, products and services also includes the Company's third-party ocean freight business and its third-party plastics and box manufacturing business. Its plastics and box manufacturing business produces bins, trays, bags and boxes. In the plastic manufacturing business, it principally sells these products to third parties and also uses a portion for its own internal packaging requirements.

Prepared Food

The Company's prepared food segment includes prepared fruit and vegetables, juices, beverages, snacks, poultry and meat products. The Company produces, distributes and markets prepared pineapple, peaches, fruit cocktail, pears, tomatoes, fruit juices and other fruit and vegetables. Its prepared pineapple products are sourced from its 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. Its tomato products are sourced from its own facility in Greece and from independent producers in Europe. The Company also distributes and markets beverages, including juices and juice drinks, as well as various snacks. Its prepared food products are sold primarily under the DEL MONTE label and under the buyers' own label for retailers.

The Company produces and markets industrial products that are composed of fruit that has been processed in its production facilities in the form of purees, pulps and concentrates for further processing (juice, yogurt, cake manufacture and pizza) and for sale to the foodservice industry around the world. The prepared food segment also includes the Company's Jordanian food business. This business includes poultry business, including poultry farms, hatcheries, a feed mill, a 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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