Mission Produce becomes a first

OXNARD, Calif., July 29. Feb. 20, 2022 (GLOBE NEWSWIRE) — Mission Produce, Inc. (AVO) (“Mission” or the “Company”), a world leader in the supply, production and distribution of fresh Hass avocados with additional offerings in mangoes, announced today that it has imported some of the first avocados from the Mexican state of Jalisco into the United States. The new United States Department of Agriculture (USDA) certification of Jalisco avocados for the U.S. market provides Mission with access to an additional source of premium fruit supply, helping the company meet a strong domestic demand.

“We are excited to expand our long-standing partnerships with Jalisco growers to bring an enhanced supply of high-quality avocados to the United States,” said Keith Barnard, senior vice president of sales and supply at Assignment. “Jalisco has supported our growing distribution in export markets since 2009, so we are in an optimal position to capitalize on the region’s access to the United States and strengthen supply consistency for our American customer base.”

More than 600 orchards on 8,000 hectares of avocado trees in Jalisco have been officially certified by the USDA’s Animal and Plant Health Inspection Service (APHIS). 1 The Association of Producers-Exporters of Aguacate de Jalisco (APEAJAL) predicts that producers will initially export three to five thousand tons of Hass avocados to the United States each week. 1 The majority of Mission’s avocado imports from Jalisco will be routed through the company’s mega distribution center in Laredo, Texas to the rest of Mission’s nationwide network.

“Jalisco’s fruit is of excellent quality – the region is home to highly skilled growers, professionally managed farms and high-yielding trees,” said Rigo Perez, director of Mexico Sourcing. “Additionally, the Mendez and Hass crops from Jalisco extend the season of avocados available in the U.S. by approximately six to eight weeks, so we look forward to leveraging the additional volume to complement our existing Michoacán sourcing strategy. .

“After sourcing fruit from Jalisco for decades, we are thrilled to be one of the first to bring this premium product to the US market,” Barnard said. “Avocados have become a staple of the American diet, so the increase in available supply is supporting the category’s growth.”

Endnotes

  1. “Mexican Avocados from Jalisco are Licensed in the United States” Produce Blue Book. July 18, 2022. Available at https://www.producebluebook.com/2022/07/18/mexican-avocados-from-jalisco-allowed-into-us/#.

About Mission Produce, Inc.:

Mission Produce is a global leader in the global avocado industry. Since 1983, Mission Produce has sourced, produced and distributed fresh Hass avocados and, beginning in 2021, fresh mangoes, to retail, wholesale and foodservice customers in more than 25 countries. The vertically integrated company owns and operates four state-of-the-art packaging facilities in key growth locations globally, including California, Mexico and Peru, and has additional sourcing capabilities in Chile , Colombia, Dominican Republic, Guatemala, Brazil, Ecuador, South Africa and more, which enable the Company to provide a year-round supply of premium fruit. Mission’s global distribution network includes 12 advanced distribution centers strategically positioned in key markets in North America, China and Europe, offering value-added services such as ripening, bagging, custom packaging and logistics management. For more information, visit www.missionproduce.com.

Forward-looking statements

Statements contained in this press release that are not historical in nature are forward-looking statements which, within the meaning of federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, involve known and unknown risks and uncertainties. Words such as “may”, “will”, “expect”, “intend”, “plan”, “believe”, “seek”, “could”, “estimate”, “judge” , “targeting”, “should”, “anticipate”, “objective” and variations of these similar words and expressions, are also intended to identify forward-looking statements. The forward-looking statements contained in this press release cover a variety of topics, including statements about our short- and long-term assumptions, goals and targets. Many of these assumptions relate to issues that are beyond our control and are rapidly evolving. Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, we cannot guarantee that our expectations will be achieved. Readers are cautioned that actual results could differ materially from those implied by such forward-looking statements due to a variety of factors, including: limitations on the supply of avocados, either by purchase or cultivation; the loss of one or more of our most important customers or a reduction in the level of customer purchases; doing business internationally, including Mexican and Peruvian economic, political and/or societal conditions; fluctuations in market prices for avocados; increase competition; risks inherent in agriculture; variations in operating results due to the seasonal nature of the business; general economic conditions; the effects of the COVID-19 pandemic, including resulting economic conditions; inflationary pressures and increases in the cost of raw materials or other products used in our business; food safety events and product recalls; changes in USDA and FDA regulations, United States trade policy and/or tariff and import/export regulations; restrictions due to health and safety laws; significant costs associated with compliance with environmental laws and regulations; acquisitions of other businesses; the ability of our infrastructure to meet our business needs; supply chain optimization failures or disruptions; disruption of reliable and cost-effective transportation supply; failure to recruit and retain key personnel and adequate labor supply and lack of good employee relations; information systems security risks, data breaches and system integration issues; changes in privacy and/or information security laws, policies and/or contractual provisions; significant litigation or adverse government action; failure to maintain or protect our brand; changes in tax rates or international tax laws; risks associated with our indebtedness; the viability of an active, liquid and orderly market for our common stock; the volatility of our common stock price; concentration of control with our officers, directors and principal shareholders over matters subject to shareholder approval; limited sources of capital appreciation; the significant costs associated with being a public company and the allocation of significant management resources thereto; reliance on analyst reports; failure to maintain appropriate and effective internal control over financial reporting; restrictions on attempted takeovers in our charter documents and under Delaware law; choosing Delaware as the exclusive forum for virtually all disputes between us and our shareholders; the Russia/Ukraine conflict; and other risks and factors discussed from time to time in our annual and quarterly reports on Forms 10-K and 10-Q and in our other filings with the Securities and Exchange Commission. You can obtain copies of our filings with the SEC at the SEC’s website at www.sec.gov. The forward-looking statements contained in this press release are made as of the date hereof and the Company does not intend, nor undertakes any obligation, to update or supplement the forward-looking statements after the date hereof to reflect actual results or future events or circumstances.

Additional material

Contact

Investor Relations
RIC
Jeff Sonnek
646-277-1263
[email protected]

Media
Jenna Aguilera
In charge of marketing and communication
MissionProduce, Inc.
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a4fd462-de01-45de-af6f-cb005a5c69b4

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