Del Monte Pacific buying U.S. canned foods business for $1.68B
by The Associated Press
Buying namesake Del Monte Foods will add about $1.8-billion to annual sales, firm said
SINGAPORE—Del Monte Pacific Ltd. says it’s buying the food business of its namesake American company with top market share in canned fruit and vegetables for $1.68-billion.
Del Monte Pacific, which is listed in Singapore and the Philippines, said the deal with Del Monte Foods will add about $1.8-billion to its annual sales and $178-million to operating earnings.
The American company owns the rights to the Del Monte brand in the United States and South America but is otherwise separate from the Asia-based Del Monte.
Del Monte Pacific, which owns one of the world’s largest pineapple plantations, said it would benefit from owning brands that have significant market share in canned fruit, vegetables and broth in the U.S.
