Fyffes acquires 60 percent of Nolem

Fyffes has acquired 60 percent of Nolem, the Brazilian fresh produce export company, from a number of Brazilian shareholders. Nolem is the largest melon producer and exporter in Brazil. The company owns five thousand hectares of farm lands in Brazil and markets nine million boxes of melons per annum. According to the most recent audited financial statements, Nolem had net assets of 30.3 million Brazilian reais (EUR11.3 million). The business will continue to be managed by Andre, Marcelo and Eduardo Gadelha. The Gadelha family will own 20 percent of the company.