Pompeian Group, a Baltimore, Maryland-based importer and manufacturer of olive oil in the U.S., strengthened its alliance with DCOOP Group of Spain, a major global olive oil cooperative, by signing a new agreement that increases the companies’ stakes in one another from 20 to 50 percent.
According to officials from both companies, this agreement will allow both companies to bolster their position in the United States, a market with a trend of increasing olive oil consumption that currently absorbs a volume of more than 300,000 tons per year.
Pompeian, through its various olive oil companies in the United States, and DCOOP, through its subsidiary Mercaóleo, made its first share exchange of 20 percent in November 2015.
Under this agreement, both groups share a 50 percent stake in Mercaoleo which possesses two bottling plants in Antequera, Malaga, a 25 percent stake in Qorteba Internacional, the refinery and olive oil storage of Alcolea, Córdoba and a 50 percent stake in the Pompeian Group.
DCOOP has also made a significant investment into Pompeian’s United States operations which include oil bottling plants on both the East and West coast and bulk oil trading operations.
Baltimore based since 1906, Pompeian imports 50,000 metric tons per year. The company produces a line of best-selling gourmet vinegars, cooking wines and cooking sprays.
The DCOOP Group of Spain is the world’s largest olive grower made up of over 75,000 family farmers and ranchers. The cooperative produces more than 220,000 metric tons of olive oil per year through more than 50 million trees and invoiced 1,001.4 million euros in 2017 while exporting 489 million euros to 60 countries. The DCOOP farmers produce a diverse crop of olives and engage in other products such as wine, table olives, goat’s milk, beef cattle, pork, cereals and almonds.
“Pompeian and DCOOP is now a fully integrated sourcing model from tree to bottle which will work to serve the United States consumer with a supply of safe and high quality olive oils,” said David Bensadoun, Pompeian Group CEO. “The current levels of olive oil consumption in the United States are much lower than that of our European counterparts, but our now strengthened partnership strives to allow every American household to enjoy the innate health benefits and great taste of high quality extra virgin olive oil.”
DCOOP Group CEO Antonio Luque added, “This partnership will strengthen our leadership in the world olive oil market and work to increase olive oil consumption with an absolute commitment towards a high quality product. This is a key step for our 75,000 families of farmers who, day after day, strive to produce the best olive oil in the world.”