Fyffes has revealed it is looking to expand its operations further this year and may consider potential acquisitions should the right opportunities arise.
Fyffes chairman David McCann said the company had successfully strengthened its position in the European fresh produce market during 2009 and is in a position to make acquisitions - but only provided the right opportunity were to arise.
He told Eurofruit Magazine: "We have significant net cash resources, and on top of that, while the banking markets are not as generous as they used to be, within fairly conservative parameters we are still able to borrow a significant amount to execute transactions.
"We have an appetite to develop and form partnerships, alliances and agreements with companies out there. We have the cash, so if a bit of restructuring is needed we can play a good role in that."
As the fresh produce industry continues to grow, consolidation would continue to be "absolutely a priority", according to McCann.
He added: "In terms of consolidation, it’s essential in our industry that there are well-organised, cost-effective players to service customers, and that there aren’t too many of them. That way everyone can get the job done properly and make a decent living out of it.
"Consolidation is generally a good thing and certainly I would advocate it. Hopefully, we will find ways to execute transactions towards consolidation over the next year."
McCann said Fyffes’ assessment of the importance of producing as well as importing has changed: "We don’t have an ambition to go out and acquire great tracts of land, but equally if it’s wise in terms of a particular product or a need to be in a particular country then we are willing to buy land and to be a producer, which we probably weren’t willing to be 10 years ago.”
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