Produce processing giant Del Monte has established its first ‘foray into Asia’ with a new production base in Thailand.
The company has embarked on a joint venture with local sweetcorn producer Agripure Holdings, Kikkoman Corp - Japanese soy-sauce maker and sole licensee of Del Monte in Asia, and Samroiyod Corp, a major Thai pineapple-grower and exporter.
The company has set up Siam Del Monte Co Ltd to manage the venture. The new company arm will be part controlled by Agripure and Samroiyod, which have a 7.5 per cent and 17.4 per cent stake respectively. Del Monte Asia, wholly owned by Kikkoman, will control the remaining 75 per cent.
Andrew Cushman, managing director of DMA and CEO of Siam Del Monte, said the new Thai base was ideal, allowing the company access to a 12-month supply for a variety of fruits and vegetables.
He said the venture would initially concentrate on value-added production such as soups and sauces, with the first production of sweetcorn soup being exported to Hong Kong in April.