Patagonian Fruits Trade (PFT) is negotiating the purchase of the assets of the Rio Negro production company Moño Azul, in the hands of Italian capital.
"Negotiations to consolidate a commercial alliance are under way," according to sources cited by rionegro.com.ar.
If the operation is completed, PFT - which is complying with a due diligence (audit) on the assets - will become the most important company in Argentina in the commercial segment of fresh fruits.
Moño Azul, which was founded in 1961, was affected by the crisis that hurt the regional fruit industry in recent years. The export numbers through the port of San Antonio Este (Rio Negro), the main output that the sector has for the overseas markets, as shipments fell from 39,000 tons during the 2005 season, to 11,900 tons in the last campaign (2017).
Moño Azul started its divestment process throughout the whole country more than four years ago. The first stage of this operation started in the spring of 2014 with the arrival of Tonino Beccegato, from the north of Italy, as CEO of the company. At that time, the company got rid of the farms and packing sheds outside the company's entire central structure of the company, according to rionegro.com.ar.
The funds obtained with these operations were allocated to operating expenses. Without marginal assets to sell and with banks reluctant to support the sector with credits, the company was left in a very difficult position. One of the solutions it found was to offer PFT its assets and the operations of a large part of its productive offer.
Source: baenegocios.com