Del Monte Pacific will form a joint venture with Spanish fruit processor Nice Fruit and British investment firm Ferville to set up a food processing facility in the Philippines and market frozen fruits across the globe.
The joint venture will be 51% owned by Nice Fruit, 35% by Del Monte Pacific and the remainder 14% will be owned by Ferville.
The proposed facility will employ Nice Fruit's patented technology called Nice Frozen Dry, which will allow fruits, vegetables and produce to be picked at its optimal ripeness and frozen for up to three years while preserving its nutrients, structure, original properties and organoleptic characteristics.
Commenting on the technology, Del Monte Pacific said: "With the introduction of the Nice Frozen Dry, Nice Fruit foresees radical changes in food consumption habits, and advantages for export and improved food stock management."
Earlier in February, Del Monte Pacific acquired Del Monte Foods for $1.68bn. Del Monte Foods owns Del Monte brand rights in the US and South America.
