House & Home
House and Home
House and Home 
Thu, February 5, 2009
Fresh Del Monte Produce Signs Exclusive Banana Production and Purchase Agreement with Rise n? Shine Biotech of India
CORAL GABLES, Fla.--([ BUSINESS WIRE ])--Fresh Del Monte Produce Inc. (NYSE:FDP) today announced that it has signed a new, long-term, exclusive banana production and purchase agreement with Rise n' Shine Biotech Pvt. Ltd., one of the largest diversified biotech, floriculture and horticulture operations in India. Rise n' Shine is a highly respected industry leader in banana plantlet research and development with exclusive production sources in an area that offers an excellent growing environment.
India is one of the world's largest banana producing countries with the majority of its production consumed by the domestic market. As part of the agreement, Fresh Del Monte immediately begins providing technical assistance to Rise n' Shine and its production sources, ensuring the highest quality standards are packed in every box of Del Monte® branded bananas. The first shipment of Del Monte® branded bananas is scheduled for export to the Middle East in June 2009.
"We are very excited to have signed a multi-year, exclusive banana production and purchase agreement with Rise n' Shine/India," said Mohammad Abu-Ghazaleh, Fresh Del Monte's Chairman and Chief Executive Officer. "This new agreement is consistent with our vision to be a leading supplier of innovative, high quality fresh and prepared food products to global markets, while tailoring to our strategic focus of producing and delivering high-quality products cost efficiently. India's geographic location offers the benefits of more efficient shipping to the Middle East and production quality because of shorter transit time and ideal growing conditions. We view Rise n' Shine's modern research facility, biotech development and production sourcing capabilities and geographic position as a huge win as we further expand our presence in the high growth Middle East and Asia regions."
About Fresh Del Monte Produce Inc.
Fresh Del Monte Produce Inc. is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared food in Europe, Africa and the Middle East. Fresh Del Monte markets its products worldwide under the Del Monte® brand, a symbol of product innovation, quality, freshness and reliability for more than 100 years.
About Rise n' Shine Biotech Pvt. Ltd.
Rise n' Shine Biotech Pvt. Ltd., is a family owned company primarily engaged in biotech (tissue culture plantlets) and floriculture-horticulture operations in the State of Maharashtra, India. The company was established in 2003 as a leading plant tissue culture company with a team of experienced personnel in agricultural biotechnology. Rise n' Shine has a 35,000 square foot laboratory, vast biotech production capabilities with room for expansion and a modern greenhouse facility spread over five hectares of land. Rise n' Shine Biotech Pvt. Ltd. is ISO 9001-2000 certified.
Forward-looking Information
This press release contains certain forward-looking statements regarding the intents, beliefs or current expectations of the Company or its officers with respect to various matters.These forward-looking statements are based on information currently available to the Company and the Company assumes no obligation to update these statements. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties.The Company's actual results may differ materially from those in the forward-looking statements as a result of various important factors, including those described under the caption "Key Information – Risk Factors" in Fresh Del Monte Produce Inc.'s Annual Report on Form 20-F for the year ended December 28, 2007 along with other reports that the Company has on file with the Securities and Exchange Commission.