Fresh Del Monte Produce Inc. Announces Adoption of Share Repurchase Plan
02 Noviembre 2023 - 7:14AM
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20231102956942/en/
Monica Vicente Senior Vice President, Chief Financial Officer
305-520-8433
Fresh Del Monte Produce (NYSE:FDP)
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