MANILA – Del Monte Pacific Limited is set to enter a joint venture with Nice Fruit SL and Ferville Limited to establish a modern freezing facility in the country.
The facility will use Nice Fruit’s “Nice Frozen Dry,” a freezing system that allows fruits, vegetables and produce to be picked at its optimal ripeness and frozen for up to three years while preserving its nutrients, structure, original properties and organoleptic characteristics.
“The Board of Directors of Del Monte Pacific Limited has approved as of November 28, 2014 a joint venture between the Del Monte, Nice Fruit SL and Ferville Limited, pursuant to which, they shall establish a modern facility in the Philippines that will utilize Nice Fruit’s patented technology called Nice Frozen Dry,” Del Monte Pacific said in a disclosure to the stock exchange on Monday.
The joint venture will process, market and sell Nice Fruit frozen products to various countries in the world.
Nice Fruit, Del Monte Pacific and Ferville will have 51 percent, 35 percent and 14 percent shareholdings, respectively, in the joint venture.
Nice Fruit expects radical changes in food consumption habits, and advantages for export and improved food stock management with the introduction of Nice Frozen Dry. The technology has reaped several awards, including the Catering and Food Service Award this year at the Salon International de l'alimentation (SIAL).
Nice Fruit is involved in the global production and distribution of fruits and vegetables.
Ferville, on the other hand, is a minority financial investor which has been instrumental in forging the partnership between Del Monte Pacific and Nice Fruit.