Greenyard Expands Sourcing With Mor International Stake
Belgian fresh produce company Greenyard has acquired a 49% stake in Israeli fruit-sourcing and -exporting firm Mor International, with the option of becoming a majority owner in the future.
The company noted that the move enables Greenyard to expand its geographical spread and sourcing capacity, giving it 'improved sourcing of high-quality exotics', such as avocados, pomegranates, mangos and bell peppers.
Mor International saw roughly €50 million in sales in 2017. The company will support Greenyard's strategy of building a direct relationship with growers through programmed growing, which improves quality and freshness, Greenyard said.
From Fork To Field
Hein Deprez, the CEO of Greenyard, commented on the acquisition, saying, "Greenyard sources more than three million tonnes of fruit and vegetables per annum, from fork to field, to fill our vertical funnel towards food retailers and foodservice.
"With Mor International, Greenyard further strengthens its leading position and enhances the availability, quality and variety of the product offering. Moreover, Mor International will further help Greenyard in its goal to increase consumption of fruit and vegetables," Deprez added.
Earlier this month, Greenyard announced that it had acquired 100% of Greenyard Fresh Direct Belgium, taking over the remaining 49% stake in the business.
In the third quarter of its financial year, the produce company realised sales of €995.6 million, displaying a stable performance year on year.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up to ESM: European Supermarket Magazine.