Del Monte Foods is giving up fruits and vegetables but keeping its Kibbles ‘n Bits.
The company said last week that it has agreed to sell its well-known canned fruits and vegetables business to Del Monte Pacific Limited—a separate company that sells products under the Del Monte brand in the Philippines—in a deal worth $1.68 billion. The unit includes canned fruits, vegetables, and broths marketed under the Del Monte, College Inn, Contadina, and S&W brands. The deal is expected to close by the end of the year, pending regulatory approval.
