Ardo Seals UCR Deal, Now Owns 100% of Benimodo Business
On April 18 Ardo became the sole shareholder of the Ultracongelados de la Ribera (UCR) frozen vegetable production factory in Benimodo, Valencia, Spain. The facility, which was previously operated as a joint venture with Bonduelle, is now fully integrated into Ardo’s industrial structure.
Under terms of the agreement between the two companies, Ardo retroactively acquired Bonduelle’s 50% equity stake as of January 1, 2016, as well as the real estate assets that were previously its property. Existing production agreements will remain in force and the plant will supply products to Bonduelle for the next five years.
UCR currently produces nearly 30,000 tons of frozen and prepared vegetables valued at more than EUR 35 million per annum at the site. The facility employs approximately 240 people.
With turnover of EUR 841 million in 2015, the Ardooie, Belgium-headquartered Ardo Group is Europe’s leader in the production of frozen vegetables, herbs and fruit. Operating 20 production, distribution and packing units in eight countries, the company sold 762,000 tons of fresh-frozen vegetables, herbs, fruit, pasta and rice worldwide last year.
The Bonduelle Group, headquartered in Villeneuve d'Ascq, France, is regarded as the global leader in the processed vegetable sector, with sales of EUR 1,982 million for the financial year that ended on June 30, 2015. Operating at 58 industrial sites and employing a workforce of 9,500 employees around the world, it sources vegetables from 128,000 hectares of farmland. Frozen, canned and fresh finished products are packed and distributed to approximately 100 countries.