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Sumitomo's Acquisition Of Fyffes On The Cusp Of Completion

Sumitomo Corporations's acquisition of Fyffes will be finalised today (16 February) at 11am Irish Time.

The deal, which is said to be worth an estimated €751 million, will see Fyffes become a wholly-owned subsidiary of the Japanese leading trading company.

The Irish based banana and fruit distribution company was made an offer by Sumitomo December last.

The move has courted some controversy, as Members of Britain’s General Union (GMB), the International Union of Foodworkers (IUF) and Banana Link staged a protest at a Fyffes meeting regarding the deal at the Ballsbridge Hotel, Dublin 4, earlier this year on 16 January.

Fyffes is the number one importer of bananas and the leading marketer of organic & Fairtrade bananas to Europe. The fruit distributor is also amongst the largest global marketer for Supersweet pineapples and winter season melons. It has recently branched into the mushroom market.

© 2017 - Checkout Magazine by Donna Ahern

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Enjoy the most important stories from the world of Irish grocery retail, curated for you by our team of experts every week.
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