Fyffes is to acquire an 80 per cent holding in a German fruit importer for $30 million.
Hamburg based Internationale Fruchtimport Gesellschaft Weichert & Co. (Inter), imports and distributes fresh fruit and produce primarily into northern and central Europe for the retail and wholesale sectors.
The $30 million in cash is subject to conditions, principally antitrust clearances. The remaining 20 per cent of Inter not included in the sale is owned by the Weichert family who have managed and developed the business for over 50 years.
Last year Inter reported turnover of €137 million and profits before tax of €4 million.