Fyffes Receives €180m From Sumimoto For Debt Reduction: Reports
Banana supplier Fyffes received around €180 million from parent company Sumimoto Corporation to reduce debts, according to media reports.
Japan’s Sumitomo Corporation acquired Fyffes in 2017 for €751 million.
Fyffes is one of the world’s largest fruit companies and one of Europe’s leading banana suppliers.
The funds will be used to offload parental borrowings and lower Fyffes' overall debts, the report said.
Its total debt increased by about €100 million in 2018 from €185 million a year earlier.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.