Irish fruit distributor Fyffes is to be acquired by Japanese based Sumitomo Corporation for €751 million, following the two companies reaching a cash agreement.
Fyffes chairman David McCann said: “Our employees, customers, suppliers and joint venture partners will benefit from Fyffes being part of an enlarged group with greater scale, reach and resources to broaden and accelerate delivery of Fyffes’ strategic objectives.”
Swordus Ireland Holding Limited, a wholly owned subsidiary of Sumitomo, will acquire the entire issued share capital of Fyffes.
Hirohiko Imura, representative director of the managing executive officer for Sumitomo said: “Sumitomo Corporation has long admired Fyffes for its outstanding track record and market leading position.
“We are delighted that the Fyffes Directors have unanimously agreed to recommend our offer to shareholders. We believe that our offer represents a great reward for Fyffes’ shareholders.”
Fyffes is headquartered in Dublin with annual turnover in excess of €1.2 billion.
© FoodBev Media Ltd 2024