FDBusiness.com

Sumitomo’s Acquisition of Fyffes Approved

 Breaking News
  • 2 Sisters Food Group Sells Christmas Puddings Business to Valeo Foods 2 Sisters Food Group is selling its Matthew Walker Christmas puddings business to Valeo Foods Group, the fast-growing international ambient foods producer, for £67 million. The Matthew Walker business, based...
  • Carlsberg Gives Latest Green Fibre Bottle Update Carlsberg Group has given an update on its journey to create the world’s first ‘paper’ beer bottle made from sustainably-sourced wood fibres that is both 100% bio-based and fully recyclable....
  • Loma Launches New RUN-WET IQ4 Metal Detector Loma Systems, a leading manufacturer of high performance metal detectors, checkweighers and x-ray inspection systems for the global food and pharmaceutical industries, has introduced new RUN-WET® specification to its range...
  • Campari Group Expands Brands Portfolio Campari Group, the Italian and international drinks business, has acquired a controlling interest in Mexican super premium brands Ancho Reyes spicy liqueur and Montelobos mezcal. In 2018 the net sales...
  • Winners of the 2019 Global Bottled Water Awards The winners of the 2019 Global Bottled Water Awards were announced at an awards ceremony held at the iconic Burj Al Arab, during the 16th Global Bottled Water Congress in...

Sumitomo’s Acquisition of Fyffes Approved

Sumitomo’s Acquisition of Fyffes Approved
February 08
09:31 2017

The European Commission has approved, under the EU Merger Regulation, the €751.4 million acquisition of Fyffes, a leading international grower, importer and distributor of fresh produce, by Sumitomo of Japan.

With annual turnover in excess of €1.2 billion, Fyffes is headquartered in Dublin, Ireland with operations in Europe, the US, Canada, Central America and South America and Asia. Fyffes activities include the production, procurement, shipping, ripening, distribution and marketing of bananas, pineapples, melons and mushrooms. It markets its produce under a variety of very well-known brands including Fyffes®, Sol®, Turbana®, Hoya®, Highline® and All Seasons® and employs in excess of 17,000 people worldwide.

With 109 locations in 66 countries, Sumitomo Corporation consists of over 800 companies and has a market capitalisation of about US$15 billion with US$8 billion in cash on balance sheet as at its year end on 31 March 2016. Sumitomo has been active in the banana industry since the 1960s and is the market leader in Asia with a fully integrated business model with interests ranging from plantation operations in the Philippines to retail distribution across the Asian region. Currently, the Sumitomo Group imports approximately 30% of the bananas into the Japanese market.

The European Commission concluded that the proposed acquisition would raise no competition concerns because the companies’ activities do not overlap in the European Economic Area.


Warning: count(): Parameter must be an array or an object that implements Countable in /home/fdbusiness/public_html/wp-content/themes/legatus-theme/includes/single/post-tags.php on line 5
Share

About Author

mike

mike

Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

[eventlist]

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here



Advertisements