The 138-year-old firm, Del Monte Meals, has filed for chapter, the corporate mentioned in an announcement.
“After an intensive analysis of all obtainable choices, we decided a court-supervised sale course of is the simplest approach to speed up our turnaround and create a stronger and enduring Del Monte Meals,” mentioned President and CEO Greg Longstreet.
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Del Monte is getting into Chapter 11 and is searching for a purchaser to accumulate its belongings. The corporate calls itself “The Authentic Plant-Based mostly Meals Firm” and makes a wide range of canned vegatables and fruits. Along with the title model Del Monte, the corporate produces Contadina canned tomatoes and broths from School Inn.
“Whereas we have now confronted challenges intensified by a dynamic macroeconomic atmosphere, Del Monte Meals has nourished households for practically 140 years, and we stay dedicated to our mission of increasing entry to nutritious, great-tasting meals for all,” Longstreet mentioned.
Del Monte relies in Walnut Creek, California. The corporate famous within the assertion that it secured $912.5 million from its lenders to fund its operations whereas the corporate is being bought.
“I’m deeply grateful to our workers, growers, prospects and distributors, in addition to our lenders for his or her help in serving to us obtain our long-term objectives,” Longstreet mentioned.
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The 138-year-old firm, Del Monte Meals, has filed for chapter, the corporate mentioned in an announcement.
“After an intensive analysis of all obtainable choices, we decided a court-supervised sale course of is the simplest approach to speed up our turnaround and create a stronger and enduring Del Monte Meals,” mentioned President and CEO Greg Longstreet.
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