FDP Fresh Del Monte Produce Inc

Strategic move allows Mann Packing to focus on operational efficiency and product innovation while strengthening Costa and Nunes Families’ leadership in leafy greens

Fresh Del Monte Produce Inc. (NYSE: FDP), through its vegetable division Mann Packing, announced the sale of its Fresh Leaf Farms brand and operations to First Leaf Farms—a new partnership between the Costa and Nunes families, both prominent leaders in the Salinas Valley produce industry. This transaction aligns with a shared commitment to drive innovation, enhance customer offerings, and strengthen leadership in the fresh produce sector.

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For Mann Packing, the sale of Fresh Leaf Farms represents a key step in Fresh Del Monte’s strategic direction for its vegetable division. After conducting a comprehensive review and defining a clear path forward, the company is implementing a three-pronged strategy focused on increasing operational efficiency, elevating its product offerings, and divesting non-core assets, which includes the sale of Fresh Leaf Farms. Mann Packing will continue prioritizing its core vegetable line along with signature innovations, such as Broccolini®, Stringless Sugar Snap Peas and Better Leaf ® lettuce clam line while exploring new, innovative product offerings. By concentrating on these growth drivers and streamlining supply chains, Fresh Del Monte and Mann Packing aim to boost long-term profitability, strengthen business and customer relationships, and deliver innovative solutions to meet consumer needs.

“We are pleased with the path forward for Mann Packing. Our strategy not only sharpens our focus on future growth and operational excellence but also ensures that Fresh Leaf Farms continues to thrive under the leadership of the Costa and Nunes families,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and CEO. “As Fresh Del Monte’s vegetable division and with innovation as its driving force, Mann Packing remains committed to delivering high-quality, fresh products that meet the evolving needs of our customers and consumers.”

The acquisition of Fresh Leaf Farms by First Leaf Farms further enhances the Costa and Nunes families’ leadership in the leafy greens sector, leveraging their combined expertise and long-standing history. As part of the acquisition, a seamless customer transition was a top priority, with both companies identifying strategic synergies. Notably, First Leaf Farms will utilize Mann Packing’s robust logistics network through the Yuma season to ensure uninterrupted service and operational efficiency, and the Costa family’s operations will continue to grow leafy greens for Mann Packing. Looking ahead, the companies intend to maintain a collaborative partnership, exploring further opportunities for growth.

With over 65 years of farming experience in the Salinas Valley, the Costa family is renowned for its innovation and premium leafy greens, which have long been a key supply source for Mann Packing. Now in its fourth generation, the Nunes family, known for its Foxy® and Foxy Organic® brands, has a long-standing legacy in the Salinas Valley, offering a diverse range of conventional and organic fresh vegetables.

The Costa family will manage production and operations for First Leaf Farms, while The Nunes Company, Inc. will oversee all sales and marketing.

“With our long history in the Salinas Valley and 40-plus-year relationship with the Nunes family, known for their marketing expertise and reputation for integrity and quality, this acquisition is a natural fit,” says Mike Costa, partner in the Costa family’s operations. “We have always valued our relationship with Mann Packing and Del Monte and thank them for this opportunity. We look forward to strengthening this relationship by leveraging both current and future opportunities to drive continued success.”

“For more than a generation, the Nunes and Costa families have worked side by side—the Costa family, known for its innovative varieties, superior land base, and integrity, and the Nunes family, with similar values and expertise in marketing and sales. This acquisition allows us to build on that shared history, combining our strengths to drive continued growth and innovation in the leafy greens sector,” said Tom Nunes V, President of The Nunes Company.

This transition highlights the collective strengths of all companies involved and underscores Fresh Del Monte’s commitment to optimizing its vegetable division while enhancing its business and customer value.

ABOUT FRESH DEL MONTE

Fresh Del Monte Produce Inc. is one of the world’s leading vertically integrated producers, marketers, and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared food in Europe, Africa, and the Middle East. Fresh Del Monte Produce Inc. markets its products worldwide under the DEL MONTE® brand (under license from Del Monte Foods Corporation II Inc.), a symbol of product innovation, quality, freshness, and reliability for over 135 years. The company also markets its products under the MANN™ brand and other related trademarks. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Foods, Inc., the U.S. subsidiary of Del Monte Pacific Limited, Del Monte Canada, or Del Monte Asia Pte. Ltd. Fresh Del Monte Produce Inc. is the first global marketer of fruits and vegetables to commit to the “Science Based Targets” initiative. In 2022, 2023, and 2024 Fresh Del Monte Produce was ranked as one of “America’s Most Trusted Companies” by Newsweek based on an independent survey rating companies on three different touchpoints, including customer trust, investor trust, and employee trust. Additionally, Newsweek recognized Fresh Del Monte Produce as one of the “World’s Most Trustworthy Companies” in 2024, spotlighting the brand’s success in building investor, consumer, and employee trust on a global scale. Fresh Del Monte Produce was also named a Humankind 100 Company by Humankind Investments in 2024, 2023 and 2022, which recognizes companies that substantially impact areas such as access to food and clean water, healthcare, and digital services. Fresh Del Monte Produce Inc. is traded on the NYSE under the symbol FDP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241029138715/en/

Media Contact: Claudia Pou Vice President, Global Head of Corporate Communications communications@freshdelmonte.com

Fresh Del Monte Produce (NYSE:FDP)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025

Fresh Del Monte Produce (NYSE:FDP)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025