Del Monte Foods Company (NYSE: DLM) today announced that it has entered into an agreement with Titan Corporation (NYSE: TTN) under which Del Monte will test Titan’s SureBeam® electronic pasteurization technology on select foods to heighten freshness characteristics and enhance quality and shelf life. Del Monte intends to test this procedure on various foods packaged in glass and plastic. Del Monte expects to begin testing the SureBeam® method immediately. Contract terms were not disclosed.
“We are committed to using the latest technological innovations to ensure that our consumers continue to receive from Del Monte the most nutritious and best tasting products on the market,” said Richard G. Wolford, Chief Executive Officer of Del Monte. “Using Titan’s SureBeam® technology will allow us to expand beyond our existing product lines and provide new convenient extended shelf life products, packaged in plastic or glass, with enhanced freshness and top quality characteristics.”
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“We are excited about working with Del Monte, the largest producer and distributor of premium quality fruit and vegetable products in the U.S. This agreement is another indication that our food quality technologies are the best in the industry,” said Larry Oberkfell, President and CEO of the Titan’s SureBeam Corporation.
Similar to a microwave oven, the SureBeam® electronic pasteurization system uses ordinary electricity as its energy source to instantly eliminate any harmful bacteria, thereby enhancing a food’s quality and extending its shelf life without changing its taste or texture. Additionally, the SureBeam® method allows produce to be fully and naturally ripened before it is processed.
Headquartered in San Diego, California, The Titan Corporation is a leading-edge technology company that creates, builds and launches technology-based businesses, offering innovative technical solutions. Titan markets the leading technology for the electronic pasteurization of food products. The company’s three other core businesses develop and deploy communications and information technology solutions and services. The Company has 7,600 employees, annualized sales of approximately $900 million and total backlog in excess of $2.0 billion.
Del Monte Foods Company, with net sales of over $1.5 billion in fiscal 2000, is the largest producer and distributor of premium quality, branded processed fruit, vegetable and tomato products in the United States. The Del Monte brand was introduced in 1892 and is one of the best-known brands in the United States. Del Monte products are sold through national grocery chains, independent grocery stores, warehouse club stores, mass merchandisers, drug stores and convenience stores. The Company also sells its products to the U.S. military, certain export markets, the foodservice industry and food processors. The Company operates fourteen production facilities in California, the Midwest, Washington and Texas and six distribution centers.
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By GlobalData“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts, including our outlook on the future performance of our core businesses and our growth strategies, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company’s entry into new commercial businesses, dependence on continued funding of U.S. Department of Defense programs, government contract procurement and termination risks, risks associated with acquiring other companies, including integration risks, and other risks described in the Company’s Securities and Exchange Commission filings.
