Chile-based Hortifrut announced on Friday the formation of a new Peruvian subsidiary to produce and market early-season berries.

The society, deemed Hortifrut - Tal SAC, will receive half of its financing through Horitfrut Inversiones Internacionales S.A., which will provide US$11 million in initial investment. The other 50% of funding will come from Grupo Rocío.

The announcement came with the signing of a shareholders' agreement to normalize the relationship with Horitfrut Inversiones Internacionales S.A., Grupo Rocío and the body's administration in Peru.

Hortifrut described the subsidiary as an opportunity to increase the company's early-season production in the Southern Hemisphere and encourage a larger leadership role as a berry marketer.

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