Fresh Del Monte Buys Ugandan Avocado Oil Firm Avolio

(RTTNews) - Fresh Del Monte Produce Inc. (FDP), an agricultural products company, said on Wednesday that it has acquired a majority stake in Avolio Industries, a supplier of bulk crude and edible avocado oil.

With the acquisition of this Ugandan firm, FDP aims to expand into high-value specialty ingredients. This will allow Fresh Del Monte to convert avocados into premium avocado oil, driving commercial growth within a key area of the company's long-term strategy.

Commenting on the acquisition, Mohammad Abu-Ghazaleh, CEO of Fresh Del Monte, said: "It complements our newest business division- biomass and specialty ingredients- through which we are transforming agricultural byproducts into high-impact solutions that enhance soil health, support human wellness, and create new applications for a circular economy."

The avocado oil industry, valued at around $1.2 billion, is growing at a CAGR of 8 to 10 percent, according to Fortune Business Insights.