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Total Produce king of the sector?
“Management has performed exceptionally well since its founding in 2007, and it exceeded its own goals,” writes David Holohan of Merrior Capital in Irish newspaper The Independent. At the end of the article, in which growth in recent years is analysed, the investor said more growth is on the horizon for the Irish fruit and vegetable giant. “I can’t help it that we’re only at the start of Total Produce’s growth story,” he concludes.
Total Produce left parent company Fyffes in 2007. At that time, the company was still relatively small with a market capitalisation of some hundreds of millions. In the first years, focus was on growing due to take-overs in Europe, but that later shifted to the other side of the Atlantic. Between 2004 and 2007, turnover increased by 57 per cent, but this was followed by some difficult years on the stock exchange. The value of shares was under pressure, and much was lost.
In 2012, Total Produce bought a majority share of the Oppenheimer Group. This year, a 45 per cent share of Dole was added to that. It’s expected Total Produce will completely take over American Dole. “The significance of this transaction is enormous,” David writes. “It makes Total Produce the undisputed king of the sector, and it safeguards growth in future.”
Publication date: 2/20/2018
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