Del Monte Foods
- Date:
- 1916 - 1979
- Ticker:
- FDP
- Share price:
- $33.86 (mkt close, Nov. 20, 2024)
- Market cap:
- $1.62 bil.
- Annual revenue:
- $4.28 bil.
- Earnings per share (prev. year):
- $0.32
- Sector:
- Consumer Staples
- Industry:
- Food Products
- CEO:
- Mr. Mohammad Abu-Ghazaleh
- Headquarters:
- Winston-Salem
Del Monte Foods, American corporation engaged primarily in processing, canning, and distributing food. It is a major grower and distributor of bananas and pineapples, and it owns subsidiaries engaged in trucking, public warehousing, institutional food service and vending, building maintenance, and security services. Support activities include farming, cattle ranching, fishing, packaging, and printing.
In the 1870s and ’80s California became a major producer of fruits and vegetables; and, in 1899, 11 of the state’s biggest canners merged under the name California Fruit Canners Association. In 1916 CFCA drew in two more canners and a food brokerage house, incorporated itself as California Packing Corporation, or Calpak, and began marketing its products under the Del Monte brand. The new company then operated more than 60 canneries, some in Washington, Oregon, Idaho, and Alaska. In 1917 it acquired pineapple lands and a cannery in Hawaii and, in the 1920s, added canneries in Florida and the Midwest, as well as in the Philippines. After World War II more facilities were constructed or purchased overseas. These multinational operations made the name California Packing Corporation obsolete, and in 1967 the name Del Monte Corporation was adopted. In 1979 Del Monte (headquartered in San Francisco) was merged into R.J. Reynolds Industries, Inc. (later RJR Nabisco, Inc.). Ten years later the fresh fruit business was sold and renamed Del Monte Fresh Produce; although no longer affiliated with Del Monte Foods, it continued to market pineapples, bananas, and other produce under the Del Monte label. RJR Nabisco sold the remaining food processing divisions, known as Del Monte Foods, to private investors in 1989. Del Monte Foods became a publicly traded company in 1999; its products include canned fruits and vegetables, baby foods, tuna, and pet foods under labels such as Del Monte, Contadina, and StarKist.