2nd Feb 2016 09:25
LONDON (Alliance News) - Fresh fruits and vegetables company Total Produce PLC on Tuesday said it has struck a deal to buy a 65% stake in California-based Progressive Produce LLC.
Progressive Produce grows, packs and distributes organic produce to the retail, wholesale and food service sectors in the US and Canada.
No financial details were disclosed on the deal, though Total Produce said the consideration will include an upfront payment along with further payments through to 2019 based on Progressive meeting performance targets.
"We are delighted to become co-owners in Progressive Produce. This transaction with a leading California produce company further broadens our US operations and is in line with our strategy," said Carl McCann, Total Produce's chairman.
Total Produce shares were up 1.0% to 105.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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