Del Monte initiates share programme

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Carl Collen

BY CARL COLLEN

Del Monte initiates share programme

Group announces it has approved a share repurchase programme of up to US$300m of the company's ordinary shares

Del Monte initiates share programme

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Fresh Del Monte Produce has announced this week that its board of directors has approved a three-year stock repurchase programme of up to US$300m of the group's ordinary shares.

The decision was made at the group's 1 May board meeting, Del Monte confirmed in a statement.

The share repurchase programme is in addition to Del Monte's existing three-year repurchasing programme of US$150m, which is set to expire on 5 May this year.

Last week, the group reported that net income had fallen to US$41.1m (€31.4m) during the opening quarter of the year, down from US$62.5m (€47.8m) in 2012, reflecting lower operating income and higher provision for income taxes.

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