Preferred Produce has received a $20 million contract to supply high-quality specialty vegetables to a national distributor, the Albuquerque Journal reports.
The buyer has agreed to finance a two-acre expansion of the Deming, N.M. greenhouse operation in 2015 to provide capacity to grow $4 million worth of produce annually over five years, exclusively for its distribution business. In addition, if the first expansion and supply contract goes well, the customer plans to finance four more two-acre expansions each year after 2016, potentially growing the value of the contract fivefold.
The identity of the distributor is confidential for another three to six months, until it locks in contracts with retailers to buy produce and supplements derived from the agreement with Preferred Produce.
To see the full story go to the Albuquerque Journal website.
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