Avocado is one of the fastest growing agricultural products in the United States

Avocado is one of the fastest growing agricultural products in the United States, highlights the Fresh Del Monte Produce company.

According to a 2020 publication by The Packer, 31% of consumers bought this fruit in the last 12 months.

Additionally, the United States Department of Agriculture (USDA) reports that US demand for avocados has risen steadily over the past two decades, and per capita consumption tripled between 2001 and 2018.

Above all, Fresh Del Monte Produce obtains the avocados it sells in Mexico.

Avocado

There the company has its own sourcing operations and sorting and packing facilities, ensuring a constant supply of high-quality avocados throughout the year.

The company also acquires this fruit from independent producers in the United States, Chile and Peru.

Fresh Del Monte Produce owns an avocado packing plant in Uruapan, Mexico.

Globally, the company is one of the leading vertically integrated producers, marketers and distributors of high-quality fresh and fresh-cut fruits and vegetables.

In addition, it has positioned itself as a leading producer and distributor of prepared fruits and vegetables, juices, beverages and snacks in Europe, Africa and the Middle East.

Investments

Net cash used by the company in investing activities was $ 108.8 million in 2020, $ 52.2 million in 2019, and $ 494.8 million in 2018.

Net cash used in investing activities for 2020 consisted of $ 150.0 million in capital expenditures, partially offset by $ 39.5 million in income from sales of property, plant and equipment.

Capital expenditures related to the fresh and value-added segment represented $ 46.5 million, or 31%, of its 2020 capital expenditures and $ 77.5 million, or 63%, of its 2019 capital expenditures.

During 2020, capital expenditures related primarily to projects started in 2019, including:

• Completion of its new manufacturing facility in Gonzales, California.
• Expansion and improvements to fresh cut production facilities in Japan, North America and Europe.
• Improvements in its pineapple operations in Central America and in its non-tropical operations in Chile.
• Information Technology Initiatives in North America.