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Del Monte takes full control of Chinese juice firm

By Dominique Patton




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20/07/2006 - Del Monte Pacific, owner of the world's largest pineapple growing and processing facility in the Philippines, will take full control of one of China's large juice producers with the acquisition of the remaining 11 per cent in its parent firm, Abpak.

Del Monte Pacific, owner of the world's largest pineapple growing and processing facility in the Philippines, will take full control of one of China's large juice producers with the acquisition of the remaining 11 per cent in its parent firm, Abpak.

The company said in a statement to the Singapore Stock Exchange last week that it would pay Abpak founder Paul Leo Rasch US$1.3 million for the small share that it does not already won.

Abpak, in turn, owns 100 per cent of China's Great Lakes Fresh Foods and Juice Co, one of the top pure juice suppliers to cities like Beijing, Shanghai and Tianjin.

The deal, completed on Monday, will allow Del Monte to set about boosting exports to reduce losses at the juicemaker. Great Lakes made US$4 million in the first quarter of 2006 and sales are growing but has not yet made a profit since Del Monte acquired an initial 89 per cent stake in Abpak in 2004.

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