News | July 15, 1998

Nabisco to Sell Del Monte Business in Venezuela

Nabisco, Inc. has announced the sale of its Del Monte canned fruits and vegetables business in South America to Del Monte Foods Company, headquartered in San Francisco, CA.

The business includes Venezuela's largest processed fruit, vegetable and specialty products operation. A food processing plant in Tumero was included in the sale.

Nabisco had retained ownership of the Del Monte business in South America when it sold other Del Monte businesses in 1989. The acquisition by Del Monte Foods Company allows it to consolidate the Del Monte trademark and develop an expanded Del Monte-branded business in Latin America.

"While profitable with leading market shares, our Venezuelan canned foods business does not fit Nabisco's long term focus for the development of our international business," said James Kilts, president and CEO of Nabisco.

Nabisco is a major international manufacturer of biscuits, snacks, and premium grocery products, including such well-known U.S. brands as Oreo, SnackWell's, and Chips Ahoy! Nabisco markets products in the United States, Canada and more than 85 other countries around the world.