CORAL GABLES, FLA. — Fresh Del Monte Produce Inc. has entered an agreement to acquire Mann Packing Co., Inc. for approximately $361 million. Headquartered in Salinas, Calif., Mann Packing is a grower, processor and supplier of fresh vegetables, including washed and ready-to-eat cut vegetables, snack packs and party trays.
Mann Packing has annual sales of about $535 million.
“We are extremely pleased about our acquisition of Mann Packing, a leader in the fresh and value-added vegetable category,” said Mohammad Abu-Ghazaleh, chairman and chief executive officer of Fresh Del Monte. “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.”
Fresh Del Monte said it expects the acquisition to be accretive to earnings in the first year.