Fresh Del Monte Produce Inc. Announces Adoption of Share Repurchase Plan

Rhea-AI Summary

Fresh Del Monte Produce Inc. (NYSE: FDP) has announced a share repurchase plan, allowing the company to repurchase up to 500,000 of its Ordinary Shares. The plan has no time deadline and will continue until modified or terminated by the Board of Directors. Repurchases may be made through open market purchases or privately negotiated transactions, depending on market conditions and other factors.

CORAL GABLES, Fla.--(BUSINESS WIRE)-- Fresh Del Monte Produce Inc. (NYSE: FDP), (“Fresh Del Monte” or the “Company”) announced today that its Board of Directors has approved a share repurchase plan pursuant to which Fresh Del Monte may repurchase up to 500,000 of its Ordinary Shares. Shares may be repurchased through open market purchases, unsolicited or solicited privately negotiated transactions, or in such other manner as will comply with the terms of applicable federal and state securities laws and regulations, including, without limitation, Rule 10b-18 of the Securities Exchange Act of 1934. All Ordinary Shares repurchased will be retired.

The new plan has no time deadline and will continue until otherwise modified or terminated by the Company’s Board of Directors at any time in its sole discretion. Share repurchases may be made from time to time and the actual amount repurchased will depend on a variety of factors including market conditions, regulatory and legal requirements, cash flow and liquidity needs and other factors. The share repurchases may be made in both open market and privately negotiated transactions and Rule 10b5-1 trading plans. Repurchases would be funded from cash on hand and availability under the Company's revolving credit facility.

About Fresh Del Monte Produce Inc.

Fresh Del Monte Produce Inc. is one of the world's leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared food in Europe, Africa and the Middle East. Fresh Del Monte markets its products worldwide under the Del Monte® brand (under license from Del Monte Foods, Inc.), a symbol of product innovation, quality, freshness and reliability for over 135 years. The Company also markets its products under the Mann™ brand and other related trademarks. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Foods, Inc., the U.S. subsidiary of Del Monte Pacific Limited, Del Monte Canada, or Del Monte Asia Pte. Ltd. Fresh Del Monte is the first global marketer of fruits and vegetables to commit to the “Science Based Targets” initiative. In 2023, for the second consecutive year, Fresh Del Monte Produce was ranked as one of "America's Most Trusted Companies" by Newsweek based on an independent survey rating companies on three different touchpoints, including customer trust, investor trust, and employee trust. Fresh Del Monte Produce is traded on the NYSE under the symbol FDP.

Forward-looking Information

This press release contains certain forward-looking statements regarding the intent, beliefs or current expectations of the Company. These statements include statements that are preceded by, followed by or include the words “believes”, “expects”, “anticipates”, “may” or similar expressions with respect to various matters. Specifically, this press release contain forward-looking statements regarding the Company’s plans and expectations regarding the share repurchase program. It is important to note that these forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The Company’s actual plans and performance, including the amount of shares repurchased, if any, and the timing of such repurchases, may differ materially from those in the forward-looking statements as a result of various factors, including (i) the trading price of the Company’s common stock, which may be positively or negatively impacted by the repurchase program, (ii) market and macroeconomic business conditions, (iii) the Company’s financial performance and available liquidity, (iv) legal or contractual restrictions on repurchases, including limitations under our revolving credit facility and (v) determinations following the date of this announcement to use the Company’s funds for other purposes. In addition, these forward-looking statements and the information in this press release and the earnings call are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission filings, including the Company’s most recently filed Annual Report on Form 10-K. All forward-looking statements in this press release are based on information available to us on the date hereof, and we assume no obligation to update such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231102956942/en/

Monica Vicente

Senior Vice President, Chief Financial Officer

305-520-8433

Source: Fresh Del Monte Produce Inc.

FAQ

What is the news about Fresh Del Monte Produce Inc.?

Fresh Del Monte Produce Inc. has announced a share repurchase plan.

How many shares can Fresh Del Monte repurchase?

Fresh Del Monte can repurchase up to 500,000 of its Ordinary Shares.

What are the methods for repurchasing shares?

Shares may be repurchased through open market purchases, unsolicited or solicited privately negotiated transactions, or in compliance with applicable securities laws and regulations.

What happens to the repurchased shares?

All repurchased Ordinary Shares will be retired.

Is there a time deadline for the share repurchase plan?

The plan has no time deadline and will continue until modified or terminated by the Company's Board of Directors.

How will the repurchases be funded?

Repurchases will be funded from cash on hand and availability under the Company's revolving credit facility.