AgroFresh Solutions invests $10M in UK firm to keep fruit fresh
AgroFresh Solutions Inc., a Philadelphia firm with products that preserve the freshness of produce, paid $15 million for a 10 percent stake in Food Freshness Technology Holdings Ltd., a U.K firm with a product that absorbs ethylene to slow the ripening of fruit.
AgroFresh Solutions Inc., a Philadelphia company with products designed to preserve the freshness of produce, paid $10 million for a 15 percent stake in Food Freshness Technology Holdings Ltd., an English company with a product called "Fresh!" that absorbs ethylene to slow the ripening of fruit.
The Food Freshness product will complement AgroFresh's own product that is designed to extend the freshness of bananas, "adding a new technology offering for high value crops such as berries, stone fruit, avocadoes, tomatoes and cherries, and opening up new opportunities to address food waste in retail," Jordi Ferre, AgroFresh's chief executive said in a news release.
AgroFresh, which was founded as a part of Rohm & Haas in 1999, had $160 million in revenue in 2016.