“Fresh” news from Greenyard was announced on April 23, as the Sint-Katelijne, Belgium-based company advised shareholders and customers that it “has signed an agreement in principle with Carrefour Belgium for the supply of their year-round assortment of fresh fruits and vegetables,” thereby strengthening the commercial relationship of both parties.
This agreement outlines Greenyard’s strategy to become the vertically integrated partner and added-value service provider for the retailer, supporting its ‘Act For Food’ initiative “to provide consumers healthy, high-quality and by preference Belgian food.”
There was no news on the “frozen” front from Greenyard, which is a major producer and marketer of frozen vegetables under the Pinguin brand and a myriad of private labels, as well as a significant supplier to industrial accounts.
Transformation Plan
Meanwhile, in a press release issued on April 11 it was announced that “relationship banks” have granted the company a 15-month covenant waiver period in parallel to the execution of its transformation plan, divestments and additional capital increase during the current accounting year.
According to Greenyard, the agreement provides the company with “the time, calm and liquidity to implement the transformation plan, conditional upon realizing the various transformation results, the divestment of non-core assets in a timely and diligent manner, the identification of a cornerstone investor that supports a subsequent additional capital rise,” as well as the exploration of a sale of its Prepared Division.
The company’s prepared products unit is engaged in supplying a wide and diverse range of preserved fruit, vegetables and mushrooms, along with ready-made soups, sauces, dips and pasta dishes.
