Food and beverage manufacturer Del Monte Pacific Ltd has entered into a joint venture with Spanish firm Nice Fruit SL and United Kingdom-based Ferville Ltd to establish a cold chain facility in the Philippines.
In a disclosure to the Philippine Stock Exchange and Singapore Stock Exchange, dual-listed Del Monte said its Board of Directors approved on November 28 the joint venture with Nice Fruit and Ferville to “establish a modern facility in the Philippines that will 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.”
Del Monte said the joint venture will process, market, and sell the Nice Fruit frozen products all over the world. Nice Fruit, Del Monte, and Ferville will have 51%, 35%, and 14% shareholdings, respectively, in the joint venture.
“It is envisaged that the joint venture will process, market, and sell the Nice Fruit frozen products to various countries in the world,” Del Monte said.
Barcelona-based Nice Fruit is a producer and distributor of frozen fruits with worldwide operations. Ferville, on the other hand, is a minority financial investor which was instrumental in forging the partnership between Del Monte and Nice Fruit.
With its NFD technology, Nice Fruit won this year one of the prestigious Salon International de l’alimentation Innovation Awards—the Catering and Food Service Award—as well as five awards at the Alimentaria International Salon in Barcelona.
Following the introduction of the NFD, Del Monte said that “Nice Fruit foresees radical changes in food consumption habits, and advantages for export and improved food stock management.”
