Del Monte teams up with Spanish firm for cold storage plant
MANILA—Del Monte Pacific Ltd. (DMPL) has entered into a joint venture agreement with the Spanish fruit company Nice Fruit SL and the investment firm Ferville Ltd. to build a modern cold storage facility in the Philippines.
In a disclosure to the Philippine Stock Exchange on Monday, DMPL said the facility would utilize Nice Fruit’s patented technology called nice frozen dry (NFD) that allows fruits, vegetables and produce to be picked at their optimal ripeness and frozen for up to three years while preserving their nutrients, structure, original properties and organoleptic characteristics (including taste, sight, smell, and touch).
“It is envisaged that the joint venture will process, market and sell the Nice Fruit frozen products to various countries in the world,” the disclosure said.
Nice Fruit will control 51 percent of the upcoming facility while DMPL and Ferville will have a 35 percent stake. Ferville, a minority financial investor which has been instrumental in forging the partnership between DMPL and Nice Fruit, will have a 14 percent interest.
Nice Fruit is a company based in Barcelona, Spain, that is engaged in the international production and distribution of fruits and vegetables.
With the introduction of the NFD technology, Nice Fruit foresees “radical changes in food consumption habits, and advantages for export and improved food stock management.” The technology won for this Spanish firm one of the prestigious SIAL Innovation Awards–the Catering and Food Service Award this year at the Salon International de l’alimentation, or SIAL, or the Global Food Marketplace, as well as five awards at the Alimentaria International Salon in Barcelona.
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