- Fresh Del Monte Produce (NYSE:FDP) signs a deal to acquire Mann Packing Co. through its North American subsidiary for $361M.
- Mann Packing is a grower, processor and supplier of a broad variety of fresh and value-added vegetable products in North America. Mann Packing’s annual sales were approximately $535M in 2017.
- Fresh Del Monte expects the acquisition to be accretive to earnings in the first year. The transaction is expected to close during Q1 of 2018.
- CEO update on the deal: "Mann Packing’s strength in the vegetable category, one of the fastest growing fresh food segments, will allow us to diversify our business, leverage our distribution network and infrastructure and increase our market reach. In addition, this transaction will provide us with synergies, enhancing our ability to better serve our combined customers and address consumers’ needs for healthier products. This acquisition is a significant step toward our goal to be the world’s leading supplier of healthful, wholesome and nutritious fresh and prepared food and beverages for consumers."
- Source: Press Release
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