Greenyard strengthens sourcing via Mor International
Sint-Katelijne-Waver, Belgium, April 10, 2018 - Greenyard (Euronext Brussels: GREEN) announces improved sourcing of high quality exotics by acquiring 49% in Mor International with the option to become majority owner in the future
Greenyard announces that Greenyard Fresh has acquired a 49% stake in Mor International, whereby it has the option to become majority owner in the future, for an undisclosed amount. Mor International is a well-known Israeli fruit sourcing and exporting company strongly focused on sourcing high quality exotics (mangos, avocados, kakis, pomegranates, fresh dates and bell peppers). The company realised around € 50m sales in 2017.
Already today, Mor has long-term relationships with important growers, both within and outside Israel. As such, the company is ideally positioned to reinforce Greenyard’s strategy to build a direct connection with the grower via programmed growing, ensuring a high quality and freshness for the consumer. Furthermore, Mor enables Greenyard to enlarge the geographical spread and sourcing capabilities.
Hein Deprez, CEO of Greenyard: ‘ Greenyard sources more than 3 million tons of fruit and vegetables per annum, from fork to field, to fill our vertical funnel towards food retailers and foodservice. With Mor International, Greenyard further strengthens its leading position and enhances the availability, quality and variety of the product offering. Moreover, Mor International will further help Greenyard in its goal to increase consumption of fruit and vegetables. Hence, the transaction implies an increased focus on our strategy and priorities to continue generating profitable growth and strengthening our global leadership position in fruit and vegetables.’