DEL MONTE CORP
For the period ended Jun 5, 2025. Filed Apr 25, 2025.
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Jun 5, 2025 · Filed Apr 25, 2025
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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant☒
Filed by a Party other than the Registrant
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
|---|---|
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material Pursuant to Section 240.14a-12 |
FRESH DEL MONTE PRODUCE INC.
(Name of Registrant as Specified in its Charter)
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
Payment of Filing Fee (Check all boxes that apply):
| ☒ | No fee required. |
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| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
April 25, 2025
Dear Shareholders,
Thank you for your continued trust and commitment to Fresh Del Monte. Our company remains steadfast in its mission to drive sustainable growth and shareholder value through a strategy rooted in innovation, disciplined execution, and market leadership. As we reflect on 2024, I am pleased to share key achievements that have propelled our business forward and offer insights into the opportunities that lie ahead.
Last year, I laid out a vision to leverage our core strengths—pineapples, fresh-cut, and residuals—to build a more resilient and agile Fresh Del Monte. Over the past year, we have delivered on that commitment, strengthening our market position and improving profitability. Our fresh and value-added products segment—including pineapples and fresh-cut fruit—delivered strong results, driving growth and expanding company gross margins through strategic focus and operational improvements.
With this momentum, we plan to further strengthen our leadership in the global pineapple category—a cornerstone of our growth strategy. Since launching Rubyglow® pineapple—a luxury variety with a striking red shell and exceptional sweetness—in China in 2024, strong consumer interest has driven its availability in the U.S. and Europe. This success builds on the popularity of Pinkglow® pineapple and Honeyglow® pineapple, which, alongside our original Del Monte Gold®, have redefined premium pineapples. As demand continues to outpace supply, we are scaling our sourcing capabilities and expanding into new markets to meet growing consumer interest. Our focus remains on innovation, quality, and global expansion to strengthen our position as the industry leader.
At the same time, we are strengthening our fresh-cut business, another key driver of long-term growth. In 2024, we prioritized expanding our customer base and optimizing fresh-cut operations, introducing new efficiencies, and investing in our facilities worldwide. These advancements have positioned us to scale our fresh-cut program into a sustained profit center, allowing us to meet growing demand while improving operational effectiveness.
Beyond fresh produce, we continue to explore ways to maximize the value of our agricultural byproducts. In 2024, we officially launched our Biomass Business, transforming residuals from our farms into innovative solutions. As part of this initiative, we inaugurated a state-of-the-art biofertilizer plant in Kenya, converting pineapple residues into environmentally friendly biofertilizers. These products not only support regenerative agriculture but also create new revenue streams. The potential within our residuals is vast—from sustainable farming practices to natural flavors, health applications, and eco-friendly materials. We are actively exploring these opportunities to generate value across our ecosystem—from the environment to consumers, business partners, and shareholders.
These efforts are part of our broader commitment to sustainability—a fundamental pillar of our business. In October 2024, we achieved a major milestone: meeting our Scope 1 and Scope 2 emissions reduction targets seven years ahead of schedule—a testament to our dedication to responsible business practices. This accomplishment was recognized with the SEAL Business Sustainability Award, further reinforcing our leadership in environmental stewardship.
As we move into 2025, we intend to build on this strong foundation with a clear focus: expanding our leadership in the pineapple category, growing our fresh-cut business globally, and pioneering new ways to maximize the value of our biomass. Through disciplined execution and a relentless commitment to continuous improvement, we will continue turning challenges into opportunities—creating lasting value for our shareholders, customers, and communities. Reflecting our confidence in the company’s long-term growth, we have increased our quarterly dividend for the third consecutive year and implemented a $150 million stock repurchase program, all while maintaining a strong balance sheet.
Thank you for your continued trust and partnership. We look forward to another year of progress together.
Sincerely,
Mohammad Abu-Ghazaleh
Chairman and Chief Executive Officer
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.