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With
so many companies peddling the Del Monte brand, there is bound to be confusion
about who is who. The Del Monte brand is sold across the world; but its ownership
is split. The websites of Del Monte Corporation of the US and Fresh Del Monte
Produce spell it out in no uncertain terms that they have nothing to do with the
other Del Montes. On
the Del Monte Pacific website, you see the notice: "Del Monte Pacific Limited
and its subsidiaries are not affiliates of Del Monte Corporation and its parent,
Del Monte Foods Company, or Fresh Del Monte Produce, Inc. and its subsidiaries,
or Kikkoman Corporation and its subsidiaries, including Del Monte Asia Pte Ltd." Del
Monte Pacific is the smallest of the various Del Monte brand-owning companies.
Del Monte Corporation of the US, had sales of $3.42 billion in its fiscal ended
29 April 2007. Fresh Del Monte Produce had sales of $3.21 billion in 2006. Kikkoman
Corporation, which in 1990 January bought perpetual marketing rights for the Del
Monte brand in the Asian-Pacific region, excluding the Philippines, had sales
of $3.33 billion in the year ended March 2007. Del Monte Pacific had sales of
$243 million in 2006. Del
Monte Pacific Ltd is 80 per cent-owned by NutriAsia Pacific Ltd, a part of the
NutriAsia group of companies, which is in turn majority-owned by the Campos family
of the Philippines. This group is in the liquid condiments, specialty sauces and
cooking oil business in the Philippines. Its flagship brand is UFC dominates the
local catsup and hot chili sauce categories. Del
Monte Pacific is engaged in the production, marketing and distribution of branded
food and beverage products. It owns the Del Monte brand in the Philippines, where
it enjoys leading market shares for pineapple juice, juice drinks, processed pineapple
and mixed fruits, tomato sauce, spaghetti sauce and tomato ketchup. It also markets
products under its second-tier brand, Today''s. The
company also holds the exclusive rights to produce and distribute food and beverage
products under the Del Monte brand in the Indian sub-continent. It owns Del Monte
Foods India Pvt Ltd, which is engaged in the production, distribution and sale
of processed fruit and vegetable products. The
group also owns the Great Lakes Fresh Foods and Juice Company Ltd. Great Lakes
is a premium fruit juice producer in China, which sells juices under the Great
Lakes, Ming Lang, Rougemont and Welch''s brands. To
get an idea of Del Monte Pacific''s lineage, see this history, taken from the company''s
website:
| Del
Monte Pacific history | | 1926 | California
Packing Corporation (now Del Monte Foods) commenced its operations in the Philippines
under Philippine Packing Corporation (Philpak, now Del Monte Philippines, Inc.).
| | 1928 | Philpak
undertook its first commercial planting on more than a thousand hectares of prime
agricultural land. | | 1930 | The
cannery received the first harvest of pineapples for processing. | | 1933 | Philpak
felt the effects of the Great Depression. The cannery was shut down and the plantation
laid off most of its workers. | | 1941-1945 | The
Pacific War broke out. The US Army converted the pineapple fields into an airfield.
Philpak shut down operations. | | 1945-1948 | Rehabilitation
of the plantation was completed. Replanting started by 1946 and the plantation
delivered its first postwar harvest to the newly rebuilt cannery in 1948. | | 1957 | Pineapple
became one of the Philippines'' top 10 agricultural exports. | | 1965 | The
Barrio Assistance Program, Philpak''s community outreach and social responsibility
program, was organized. | | 1965-1985 | Philpak
grew into one of the largest pineapple production source in the world. | | 1980 | Tobacco
giant RJR acquired Del Monte Foods. | | 1983 | Biscuit-maker
Nabisco bought RJR. Del Monte Foods and Philpak became part of the RJR-Nabisco
business. | | 1987 | Philpak
changed its name to Del Monte Philippines, Inc. (DMPI). | | 1990 | In
an event touted by Time magazine as the biggest leveraged buyout at the time,
KKR (Kohlberg, Kravis and Roberts) won a bitter struggle for ownership of RJR-Nabisco.
After the takeover, KKR sold Del Monte Foods to a consortium composed of Citicorp,
Merrill Lynch, and Kikkoman in 1991. | | Jan
1991 | Del
Monte Foods divested 49.9 per cent of its interest in DMPI to Japan-based Kikkoman
Corporation (15 per cent) and to Europe-based Del Monte International (35 per
cent) which at the time was owned by Royal Foods of South Africa. Del Monte Foods
retained a controlling 50.1 per cent stake. | | Mar
1996 | Del
Monte Foods and Kikkoman divested their entire interest. Following the divestment,
MCI, Inc. and Del Monte Royal became joint controlling shareholders. | | May
1999 | Del
Monte Pacific Limited (DMPL) was incorporated as the holding company of the group.
| | Aug
1999 | DMPL
was listed on the Singapore Exchange. MCI, Inc. and Del Monte International each
held 37.5 per cent stake with the public holding the remaining 25 per cent. | | May
2000 | The
company launched its over-the-counter American Depository Receipt program. | | Nov
2000 | The
company implemented a share buyback program. | | Jan
2001 | DMPI
celebrated its 75th year in the Philippines. | | Mar
2001 | Italy-based
Cirio SpA bought Del Monte Royal Food''s interest in Del Monte International. Post
Cirio acquisition, MCI, Inc held on to 21 per cent of DMPL shares while Cirio
SpA increased its stake to approximately 40 per cent. The rest of the shares remained
public. | | Dec
2005 | Cirio
SpA sold 29 per cent of its stake to MCI, Inc at US$0.3818/share, bringing MCI''s
stake to almost 50 per cent. MCI, Inc, in turn, sold its 50 per cent stake to
NutriAsia Pacific Ltd at US$0.3862/share. NutriAsia Pacific Ltd is a joint venture
between the NutriAsia Group of Companies and San Miguel Corporation, both of the
Philippines. NutriAsia Pacific Ltd''s acquisition of the 50 per cent stake triggered
a General Offer for the remaining 50 per cent of the Company''s shares. | | Jan
2006 | NutriAsia
Pacific Ltd increased its stake to 85 per cent after the close of the general
offer. The remaining 15 per cent is held by the public. | | April
2007 | The
NutriAsia group of companies acquired San Miguel Corporation''s entire stake in
NutriAsia Pacific Ltd. | | July
2007 | NutriAsia
Pacific Ltd reduced its stake in the company to 80 per cent from 85 per cent,
to increase trading liquidity. |
also see : Other
reports on Del Monte Pacific
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