Sumitomo Corporation intends to buy Fyffes plc, an international producer, shipper, marketer and distributor based in Dublin, Ireland to expand its portfolio.
Sumitomo has been active in the banana industry since the 1960s and has a fully integrated business model with interests ranging from plantation operations in the Philippines to retail distribution across the Asian region.
The Group imports approximately 30% of the bananas into the Japanese market.
Furthermore, Sumitomo operates an import and domestic distribution business for a wide range of produce.
Fyffes has developed a value chain from producing region to consuming region for a wide range of products including banana, pineapple, melon and mushrooms for the European and North American markets.
In particular, Fyffes is the top volume player of banana in the EU and melon importer in the US.