TEMPO.CO, Jakarta - Del Monte Foods, a prominent producer of canned fruits and vegetables, has filed for bankruptcy protection in a New Jersey court in the United States. The company announced the move on Tuesday night, July 1, 2025, after 139 years in operation.
Al Jazeera reported that Del Monte Foods faced declining sales as American consumers shifted toward healthier or more affordable products. Before filing for bankruptcy, the company had secured financing of US$912.5 million, approximately Rp14.6 trillion (assuming an exchange rate of Rp 16,000 per US dollar), to maintain its operations.
Del Monte Foods CEO Greg Longstreet said that the decision was the result of a comprehensive evaluation of all available options. "We determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods," he said in an official statement.
Ownership Structure of Del Monte Foods
Del Monte Foods clarified that it is an indirect subsidiary of Del Monte Pacific, which has been based in Singapore since 2014. Del Monte Pacific is listed on the stock exchanges of Singapore and the Philippines. Del Monte Foods is not affiliated with other companies using similar names, such as Fresh Del Monte Produce, Del Monte Canada, Del Monte Asia, Conagra/Productos Del Monte, or Del Monte Panamerican.
NutriAsia Pacific and Bluebell Group Holdings own 71 percent of Del Monte Pacific's shares. Both companies are owned by the Campos family from the Philippines. NutriAsia is renowned as a market leader in the Philippines for liquid seasonings, sauces, and cooking oils.
Quoting Forbes, the Campos family consists of Jocelyn, Joselito, and Jeffrey Campos. They inherited the wealth of Unilab, a pharmaceutical company founded by Jose Campos and Mariano Tan in 1945. Currently, Unilab produces over 350 prescription and over-the-counter drug brands.
Clinton, Jocelyn's son, leads Unilab and Greenfield Development, a family real estate company. Joselito runs Del Monte Pacific. As of August 7, 2024, Forbes estimated the Campos family's net worth to be US$940 million, or approximately Rp15 trillion, ranking them 18th on the list of the wealthiest people in the Philippines.
The Long Journey of Del Monte Foods
Del Monte Foods produces, distributes, and markets plant-based food products. Its portfolio includes well-known brands such as Del Monte, Contadina, College Inn, Kitchen Basics, JOYBA, Take Root Organics, and S&W.
Britannica records Del Monte's history beginning in 1899 when 11 canning factories in California formed the California Fruit Canners Association. The company later changed its name to California Packing Corporation (Calpak) in 1916 and began using the Del Monte brand.
Del Monte became Del Monte Corporation in 1967 and was acquired by RJ Reynolds Industries (which later became RJR Nabisco) in 1979. At that time, Del Monte managed both packaged food and fresh produce businesses.
In 1989, Del Monte spun off its fresh produce division into Del Monte Fresh Produce. This company was renamed Fresh Del Monte Produce in 1993 and has operated independently from Del Monte Foods, although it continues to use the Del Monte name under license.
After being sold to private investors in 1989, Del Monte Foods went public again in 1999. Over the next two decades, the company underwent several acquisitions and divestitures:
- 2002: Acquired Heinz product lines such as 9Lives, StarKist, and College Inn.
- 2008: Sold StarKist to South Korean-based Dongwon Industries.
- 2011: Acquired by private equity firm KKR in a US$5.3 billion deal.
- 2014: Sold the consumer foods division to Del Monte Pacific and spun off the pet foods division into Big Heart Pet Brands, which was later acquired by The J.M. Smucker Company.
Not the Only Company Facing Bankruptcy
In 2025, in addition to Del Monte, approximately 286 large American companies filed for bankruptcy. This marks the highest number in the last 15 years and indicates increasing financial pressure on large U.S. corporations.
According to information from various sources, the number of bankruptcy filings in the first quarter of 2025 reached 188 companies. This figure represents a significant increase compared to 139 companies in the first quarter of 2024 and is the highest since 254 companies in the first quarter of 2010, following the major financial crisis.
Throughout 2025, it is estimated that total business bankruptcy filings will increase by about 14.7 percent compared to the previous year, with the total number of business cases reaching over 23,000 in the 12 months leading up to March 2025.
The industry sector with the highest number of bankruptcies is the heavy industry sector (41 cases), followed by the consumer discretionary (non-essential goods and services) sector (31 cases), and the health sector (17 cases). The consumer discretionary sector is particularly affected due to market volatility, trade tariffs, and inflation uncertainty.
Based on official reports from the U.S. court administration agency, there was a 13.1 percent surge in total bankruptcy filings during the 12-month period ending on March 31, 2025. Although this trend indicates increased financial pressure, the number of cases is still much lower than during the global financial crisis of 2007-2008.
According to a report released by the Administrative Office of the U.S. Courts, total bankruptcy filings reached 529,080 cases, up from 467,774 cases in the same period the previous year. A similar increase was also seen in the previous quarter's report in December 2024.
Business filings increased by 14.7 percent, from 20,316 to 23,309 cases, while non-business filings, including individuals and households, increased by 13 percent, from 447,458 to 505,771 cases.
Editor’s Choice: Top 5 Countries in Global Competitiveness Rankings
Click here to get the latest news updates from Tempo on Google News
