Fresh Del Monte subsidiary awarded US$32M in Costa Rica pineapple dispute
A Fresh Del Monte Produce Inc. (NYSE:FDP) subsidiary has been awarded US$32 million against one of Costa Rica's largest gold pineapple growers by the International Chamber of Commerce (ICC).
The ICC's International Court of Arbitration ordered Inversiones y Procesadora Tropical, S.A. (Inprotsa) to pay Del Monte International GmbH (Del Monte) the sum in damages, interest and other monetary relief.
In a statement, Fresh Del Monte said the ICC's award also recognized its right to 'virtually all of the gold pineapple vegetative material' on Inprotsa's plantation.
It added that the ICC also issued an injunction prohibiting Inprotsa's sale of nearly all of its gold pineapples to any buyers other than Del Monte and ordered the it to specifically perform its obligations under its pineapple sales agreement with Del Monte.
Photo: www.shutterstock.com
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