Fresh Del Monte Produce has signed an exclusive, long-term, banana production and purchase agreement with India-based Rise n’ Shine Biotech Pvt. Ltd.
The family-owned, Maharashtra-based firm is a diversified biotechnology, floriculture and horticulture firm involved in banana plantlet research, development and production.
Coral Gables-based Fresh Del Monte (NYSE: FDP) said the affiliation would shorten its shipping routes to banana customers in the Middle East, as well as provide ideal growing conditions for the crop.
Mohammad Abu-Ghazaleh, Fresh Del Monte’s chairman and CEO, said in a statement that the move was consistent with the company’s vision to be a supplier to global markets, especially to the high growth Middle East and Asian regions.
Fresh Del Monte Produce closed up 39 cents to $25.28. The 52-week high was $39.20 on April 25. The 52-week low was $14.75 on Oct. 27.
Source: triangle.bizjournals.com
Publication date: 2/9/2009
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