Food importer Fyffes has bought a pineapple plantation of 450 hectares in Panama for approximately €5.8 million ($8 million).
The company said in a statement it had purchased the plantation from Agroindustries Golden West and said it aims to produce approximately half of the pineapples it markets by the end of next year. It also has pineapple farms in Costa Rica.
The deal includes debt and deferred consideration payments. At 1.20pm Fyffes was trading up over 6 per cent in Dublin at 33 cent.