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THE ORANGE JUICE FOOD CHAIN

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 THE ORANGE JUICE FOOD CHAIN

Prof. Marcos Fava Neves

School of Economics and Business

University of São Paulo
Av. dos Bandeirantes 3900
14040-900 Ribeirão Preto - SP
Brazil
Email: mfaneves@usp.br
Phone 0055 - 16 - 6023905 - fax 0055 - 16 - 6336133

Prof. Decio Zylbersztajn

School of Economics and Business

University of São Paulo
Brazil
Av. Prof. Luciano Gualberto 908
05508-900 - São Paulo - SP
Email: dzilbers@usp.br

Prof. Evaristo Marzabal Neves

ESALQ - Agricultural School

University of São Paulo
Av. Padua Dias S/N - CP 09
13400-000 Piracicaba, S.P.
Email: diretor@esalq.usp.br

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 The Orange Juice Food Chain •
Prof. Marcos Fava Neves

School of Economics and Business

University of São Paulo
Brazil
Email: mfaneves@usp.br

Prof. Decio Zylbersztajn

School of Economics and Business

University of São Paulo
Brazil
Email: dzilbers@usp.br

Prof. Evaristo Marzabal Neves

ESALQ - Agricultural School
University of São Paulo
Brazil
Email: diretor@esalq.usp.br

ABSTRACT

Key Words: Orange Juice Food Chain, Orange, Fruit Juices Chain, Toll Processing, Contracts,
Agri-Food Business, Agribusiness

1 - INTRODUCTION AND OBJECTIVES

The paper discusses the Orange Juice Food Chain, using the theoretical background of
supply chain management in a transaction cost economics approach (Zylberstajn, 1995;
Williamson, 1985; Zuurbier, 1996), with an emphasis in Brazil, the world’s major player in this
chain. Some data about this cross boarder food supply chain will be shown, including an overview
of the international market, data about production, imports and exports, main players, trends, and
others.
This analysis uses a systemic approach. First, focusing the consumer, than the
distribution channels, the agro-industry and the production sector. It is useful to give the
environment where the chain competes in Brazil and in the world.

♦ Citar como: NEVES, M.F.; ZYLBERSZTAJN, D. & NEVES, E.M. – The Orange Juice Food Chain –
Proceedings of the Third International Conference on Chain Management in Agribusiness and the Food
Industry, Wageningen Agricultural University, Netherlands, May, 1998, p. 437–447.

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 The research’s goal is the strategic analysis of the chains transactions, mainly the one
between fruit growers and industry. It is a conflituous relationship, of high transaction costs for the
competitivity of the chain. Several kinds of transactions happens between industry and the
suppliers: vertical integration, types of special contracts, alliances (joint-ventures) and market.
This will be analysed in this research.

2 - THE BUSINESS ENVIRONMENT

2.1 - The End of the Chain: An Overview of Juice Consumption

General Juice Beverages

The worldwide market for commercial fruit juices is growing very fast. Almost ten billion
gallons were consumed in 1995, resulting in a market of more than US$ 35 billion in sales. By the
year 2000, a growth of 25% is expected in this numbers. USA consumes 1/3 of total market
(Tillotson, 1997).
The food and beverages consumption trends in the world, motivated by changes in
geographic variables, mainly urbanization of population, demografic variables, as elderly
populations, better incomes, better education and woman working, psycographic and
behavioral variables, mainly natural, healthy, ecological lifestyle, benefits, convenience and
others fit very well in the juices consumption. Natural juice products supplies these desires of
consumers.
In USA, during 1990-1995, more than 10,000 new beverages were launched, and in
these, and more than 2,500 fruit juice beverages. Just in 1996, 486 new products at retail were
launched (Nielsen). These industry movements, towards launching products to fill the consumers
health, convenience and safety needs, are also enhancing consumption.
There is also a great potential to growth in Asia, South America and other places where
the part of the internal market is still in the beggining of the life cicle. There is an increasing
competition, and fast movements and changes in the chains. Orange is the main juice consumed in
the world.

The Orange Juice Consumption

The industrial processing of the orange fruits results in one major product (orange juice),
and some by-products (essencial oils and pellets). The orange juice can be drank in several ways.
The first, named NFC (Not From Concentrate), as the name already says, is a fresh product,
that can or not have a pasteurization process. This is the fastest growing segment. The Ready to
Drink (RTD), is another tipe, coming from the FCOJ (Frozen Concentrate Orange Juice), and is
divided mainly in three products: the RTD Reconstituted Chilled (35 to 50 days of shelf life), the
RTD Reconstituted Long Life (with pasteurization, and 6 to 9 monthes shelf life) and the RTD
Nectar (50% juice, 50% water and sugar). The NRTD (Not Ready to Drink), is the frozen one,
kept on freezers, and mixed to water and sugar by the consumers at home. The last one is the
orange juice used in the growing segment of juice drinks (carbonated or not).

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4
World Orange Juice Consumption Forecast

The biggest growthes in consumption are expected to happen in Europe and Asia, and
less in USA, where the per capita consumption is already very high (more than 20
liters/person/year). Europe grew its consumption from 358,000 tons of frozen concentrated
orange juice in 1983 to 756,000 ton in 1995. There is still a big opportunity for the orange juice
growth in Europe, if comparisons are made in per capita levels. Some countries like Germany and
UK have consumptions more than 5 times higher than in Italy and Spain, as observed in Table 01

Table 01 - Countries and Per Capita Consumption of Orange Juice per Year (1996 data)
COUNTRIES ORANGE JUICE: LITERS/PERSON/YEAR
Spain 1,6
Italy 2,1
France 7,9
United Kingdom 13,9
Germany 16,0
United States 20,2
Japan 5,5
Brazil 0,8
Asia 0,4
Europe (media) 5,5
Source: Louis Dreyfuss Citrus

2.2 - The Agro-Industry in the Chain

In the orange chain, the fruit, after its production in the crop, can flow to the fresh fruit
market (to be consumed as fruit, or to be processed at home to have a fresh juice), or can go to
the industry. This food industry is a very specific asset, because it is build and able only to process
oranges (although pineaples and lemons, in this cases, having to adapt the machines, are possible
to process) and this industry also has high realocation costs. The central part of these industries
are the juice extractors, produced mainly by FMC. There are also concentrators and evaporators.
The juice is normally traded at 65 degrees brix, which means 65% of solubles solids and 35% of
water.
Brazil was responsible, in 1996/97 crop, for 50% (1.100 thousand tons) of world’s frozen
concentrated orange juice production, followed by USA, with 45% (980 thousand tons). Both
countries produce more than 95% of world’s orange juice production (in the 5% remaining,
Mexico is an important country). Brazil, alone, is responsible for 80% of world’s exports of frozen
concentrated orange juice (1 ton = US$ 1000 in december 1996).
At the demand side, USA, with 49% (1,078 ton) and Europe, with 37% (814 ton) are the
major importers. Japan (5%, 110 ton) is the third market. There are estimates of a 5%/year
growth in the world’s FCOJ demand. The biggest growth rates are in Asia.

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Table 02 - Destination Markets for USA and Brazilian FCOJ, the main Producers
BRAZIL USA
North America 19,3 92,7
European Union 67,5 4,5
Asia 10,7 1,7
Others 2,5 1,1
TOTAL 100 100
Source: Abecitrus - Brazilian Citrus Exporters Association, and USDC - Unites States
Department of Commerce, in Lesser (1997)

The main markets are Europe, Asia and USA. European market grows around 5% each
year, and Brazil is the main supplier, as observed in Table 02.
The main industrial groups in Brazil (1996/97 crop) and their shares in exports are Cutrale
(24,2%); Citrosuco (21,1%), Coinbra-Dreyfuss (15,4%), Cambuhy MC/CTM (12,3%) and
Cargill (11,6%). There is some iddle capacity

Table 03 - Installed capacity in Citrus processing in Brazil, 1996 - number of extractors and
medium Iddle Capacity (crushing/capacity)
Companies Location Instal. 1996 Iddle Cap.
1996
Citrosuco Matão and Limeira 1964 255 32%
Cutrale Colina and Araraquara 1964 228 20%
Coinbra-Dreifuss Bebedouro and Matao 1962 168 40%
Cargill Bebedouro e Uchoa 1965 120 19%
Bascitrus Mirassol 1984 45 19%
Citrovita Catanduva 1991 30 15%
CTM Citrus Limeira 1954 30 09%
Cambuhy Matão 1992 56 18%
Branco Peres Itápolis 1980 24 27%
Royal Citrus Taquaritinga 1990 16 04%
Frutax Monte Azul Paulista 1994 12 -
Others - - - -
TOTAL 1006
Source: ABECITRUS and IEA. Iddle Capacity obtained by dividing processing/crushing in 1996 harvest.

Cutrale is a brazilian family owned group, one of the most traditional in this business. The
company is a big partner of Coca-Cola, and very focused in the citrus business. Citrosuco is also
a brazilian owned group (Fisher Group). Coinbra (Louis Dreyfuss), and Cargill are big trading
companies, operating in corn and flour milling products, vegetable oils, soybeans (Cargill) and
sugar, coffee and cocoa (Dreyfuss).
Cambuhy MC, from Moreira Sales Group, also active in banking (Unibanco), credit cards
(Credicard/Mastercard), insurance (Unibanco Seguradora), pension funds (Prever), mining
(Companhia Brasileira de Mineração e Metais - the world's largest producer of Niobium), metals

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(Companhia Siderúrgica de Tubarão), tourism (Mediterranée), publishing (Cia. das Letras) and
other systems in agribusiness such as coffee, rubber trees, and grain. The Group is estimated to
control approximately US$6 billion in assets. Another important brazilian company is Citrovita,
from Votorantim (Ermirio de Moraes Group), also operating in cement, paper and pulp and other
activities.
The data from Table 04, of market share in exports in the 1996/97 crop, shows the
position of this groups. The five biggest have almost 85% of market share. Considering that Brazil
has more than 80% of total world exports, these are also the major players in the world.

Table 04 - Participation (%) per Company in Exports of Frozen Concentrate Orange Juice in the
1996/1997 Crop.
COMPANY CROP 96/97 tons CROP 96/97 %
Cutrale/Branco Peres 275,488 24,2
Citrosuco 240,515 21,1
Coinbra-Dreyfuss 175,376 15,4
Cambuhy MC/CTM 140,215 12,3
Cargill 131,620 11,6
Bascitrus 59,510 5,2
Citrovita 46,999 4,1
Royal Citrus 20,084 1,8
Kiki/Centenario 16,394 1,4
Sucorrico 12,776 1,1
Others 18,666 1,6
TOTAL 1,137,643 100
Source: Own elaboration, with ABECITRUS Data

In this business, size and scale is also a very big competitive advantage. During the last
three years, reestructuration in the industrial segment of this chain is happening, with some
acquisitions and mergers in Brazil. One of the main competitive advantages to industries is to have
the bulk transportation, where special tank trucks pick up the juice from the industries in São
Paulo state, take it to private terminals at Santos Port, transport in private special bulk tanker
ships, and bring it to also private facilities at the main european ports, Rotterdam and Antwerpen.
To have all this strucuture, the companies have to be big (enough volume).

The Industry Globalization

There is a strong recent trend of the brazilian industrial sector in buying industrial units in
Florida (USA’s main producer state) also. Citrosuco recently bought Alcoma, in Lake Wales
(Florida), by US$ 45 million. Brazilian Cargill (bought units in Frostproof and LaBelle - Florida),
Cutrale (bought Coca-Cola juice companies, in Auburndale and Leesburg) and Louis Dreyfus
(bougth Winter Garden) also bought companies in Florida (Power, 1997; FDC, 1997).
The main motivations to these four groups, who now have 70/75% of market share in
Brazil and 30/35% of market share in Florida are listed by Lesser (1997), as a means to build

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more critical mass in the market place, heightens their buying and selling power, because now they
can buy from a larger number of orange growers. They also will have more conditions to stablish
price leadership to sell the FCOJ in the market.
The size of the USA’s market is also a motivation, because it consumes more than 40% of
world’s orange juice, with only 4,6% of world’s population. This will also allow this brazilian
companies to enter in the more profitable not-from concentrate (NFC) markets, which have
almost 30% of USA’s market, and prices per gallon (US$ 4.95) almost 30% higher than the
reconstituted (US$ 3,50/gallon, and 46,4% of the market) and the FCOJ/Canned (US$
3,00/gallon and 24,3% of the market) (Source: Nielsen - Four Weeks in September 1997).
Another motivating factors for these brazilian companies include a reduction in the
dependence of European market, making a more interconnected chain, efficient in price
transmittion and product flows, making possible even to send products from Brazil to Florida, and
then to Europe.
Lesser (1997) says that now for orange growers and independend bulk processors price
changes in Rotterdam will have a greater impact in their products. The author also says that “the
ability to continually balance commodity sales portfolios and commodity-input purchasing
programs was another motivational force that led to this acquisitions. This process is
technically termed arbitrage, and it is the core activity of commodity trading organizations.
If size is the best for arbitrage ability, than Cargill and Louis Dreyfuss are the world’s
greatest commodity arbitrageurs in general, while Cutrale and Citrosuco are the FCOJ
markets greatest arbitrage specialists” (pag 04).
The Orange Juice Chain is very important for Brazilian agri-food business, representing
more than US$ 1,6 billion in exports every year. Brazil is more competitive in costs than USA in
growers activity, pick and haul, and processing. USA is more competitive in transport. There is a
big tariff for brazilian FCOJ to enter in the USA’s market (more than US$ 450/metric ton of
FCOJ), and to deal with this tariff is another motivation for brazilian companies to enter in North
American industry.
A trend for the industrial (processing) companies in the chain, already happening in some
brazilian companies, is the change in the production oriented philosophy to the market oriented
philosophy, enhancing coordination in the chain, having a better supply chain management
(relationship with fruit growers), and fit the needs of the demand. This could be done
differentiating products by quality, having better commercial structures in the importer countries,
researches to discover what this consumers need (mainly USA and European beverages
industries), supplying technicians to follow the product in the whole chain, and even sharing price
risks that these industries (beverages) have in the negotiations with the retailers.

2.3 - The Production Sector

Also as the industry, the orange crop is an asset with very high specificity. Once the
investment decision is made, high instalation costs are assumed, and the land will be used for that
production for at least 20 years. The product (orange) also has specificity, mainly the one that deal
with time (it is a perishable product, and after harvesting, has to be fastly processed because it

8
starts loosing quality, and locational specificity, because fruits very far from industries have very
high transport costs. These makes citrus a very risky crop.
In 1997, citrus was the most produced fruit, with more than 22% of total world fruit
production (94 million ton of citrus fruits in a global production of 423,6 million ton of fruits),
followed by apples, bananas and grapes, with 14% each. The orange production in the citrus
group was more than 59,7 million tons, representing almost 15% of total world’s fruit production.
Oranges are grown in more than 100 countries, but two of them, Brazil (34,8%) and USA
(17,8% - mainly in Florida) represents more than 52% of world’s production. In brazilian’s
production, the state of São Paulo is responsible for 82,9%, growed in about 850 thousand ha.
There are more than 20 thousand producers, in 204 cities of the state, and the orange sector is
responsible for more than 400 thousand jobs. Oranges and derivates generated more than US$
1,6 billion in exports for Brazil (1995/96).
Brazil’s 1997/98 production is estimated in 405 million boxes of 40,8 kg. Of this, almost
90/100 million is for the internal fresh market, and the other 300/305 million for processing. Fruit
production grew more than 30% in the last ten years, motivated by very good prices for
producers in the end of the eighties (an average of US$ 3,5/box during that last three years of this
decade).
This prices brought great profitability, bacause for good growers, total costs are estimated
in US$ 1,50/box - not included harvest and transport, which costs US$ 0,80/box), and
operational costs in US$ 0,90/1,00 per box). This generated big investments in new crops, that
are now starting to give its full production (one crop starts to produce at the third/fourth year, and
is interesting, in an economic point of view, for 20 years). Prices were not very good in the last
harvest, reaching from US$ 2,00 - 2,50/box, delivered in the industries.
A forecast considering new trees indicates that in 2004/05, Brazil will produce 426 million
boxes, and USA almost 250 million boxes (40,8 kg). Crops are also becoming more dense. In
the beggining of the eighties, the crops in São Paulo and Florida use to have an average of 200
tress/hectare, and in 1996, this average reached 300 tress/hectare, reducing costs.

3 - CHAIN COORDINATION: THE TRANSACTIONS BETWEEN INDUSTRY AND

SUPPLIERS

As seen before there are efforts trying to give the orange juice chain a better coordination.
Efforts are done between the retail and beverages industry, with the Efficient Consumer Response
(possible with technologies like the eletronic data interchange) in oder to reduce the transaction
costs. Also efforts are happening between the FCOJ industries and the beverages industry, in
order to offer the product that the beverages industry wants, with services and even iniciatives to
become partners in risks and profits, also trading data eletronically and enhancing trust.
But in this chain, there is a transaction, between the fruit growers and the FCOJ Industry,
where a great ammount of efforts still have to be done. This is the most conflituous transaction in
the orange juice chain. Several types of transactions emerge, from market governance to vertical
integration.

3.1 - Market Governance

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 This kind of governance in the supply chain is not efficient in the citrus industry. There are
high asset specificities involved, mainly locational (industrial units must be near the production
because of high transport costs), temporal (fruit must be processed fast, after harvest, because it
loses quality), and physical (fruit production areas and industrial plants have high realocation costs,
and are specific for the activity). This high asset specificity involved in this transaction, makes
market governance a very high transaction cost way of coordination in the supply chain. In Brazil,
it is irrelevant.

3.2 - Contracts

This has been the most used coordination practice done in the supply chain. Several
studies have been done to study this transaction (Maia, 1992). It allows industry and fruit
producers to specialize in their core competences. The first contract practiced was with fixed
prices for boxes (40,8kg) of orange. Since 1986, and until 1993, the contracts had prices of the
boxes varying with the New York Exchange Markets.
In 1993, ABECITRUS (Brazilian Orange Juice Industry Association) produced an unique
contract to all producers and industry, but this was prohibited by the Brazilian Economic Defense
Council. This contracts are now organized individually between each industrial company and the
fruit producers, where better quality, better location, and volume gives preferencial prices. There
are groups (pools of fruit growers) emerging in order to negotiate together and reach better prices
and conditions. At the theoretical point of view, considering asset specificity, transaction costs,
specialization, core competences, this should be the most efficient governance structure for this
transaction in the chain.

3.3 - The Toll Processing

This kind of contract happens since 1980 in the Orange Juice Chain. It is an alternative for
growers to rent idle capacity of industry and go further on the chain, adding vallue to the final
product. In this contract, fruit producers (growers) sell frozen concentrated orange juice (FCOJ)
to the beverage industry or distributors, instead of selling oranges to the industry. So then, they will
play in the international market, assuming the risks of the market prices for the juice (Neves,
1995).
The main advantages observed to the fruit growers were to advance in the chain,
incorporating margins, reduce the dependence from the supply contract of the industry, learn
about the processing activity, learn about the international market, enhance quality control and also
to have a special relationship with the industry.
To the processing industries, the main advantages were to reduce idle capacity, bring
higher garanties of supply, have a better industry and the logistics/distribution process planning,
and, finally, to have a better relationship with fruit growers.
Normally, the industry who rent iddle capacity to growers will be the agent for selling their
juice on the market. To know and deal in this market is a very high transaction cost activity to fruit
growers. In this relationship, also quality is stimulated, because the prices per box processed by

10
the industry (charges, as a toll, normally US$ 1,00/box) varies depending on the productivity of
the industry. More production, better prices/box the company receives. There are some risks in
not monitoring the industrial processing, and in this kind of contract, producers have to spent in
monitoring the industry, mainly having an industrial engineer inside the industry during the
processing period.

3.4 - Vertical Integration

The degree of vertical integration in the companies varies. There are industrial units with
almost 50% of vertical integration towards the fruit supply needs, and others (most of them) with
15 to 20% and even zero, as the strategy of Dreyfuss. The advantages of vertical integration to the
processing units are:
• reduces market dependence, and risks of not honoring forward contracts with distributors and
beverages industry, attenuating oportunism.
• economies of combined operations, stable relationships and internal control of the information
flow from industry to farms.
• elevate entry barriers
• facilitate the decision making process (reduces risks of bounded rationality)
• stimulates other fruit producers to invest in orange production, following investments of
industrial units.
• rationalize inventory levels, in a better industry planning
• orange production in the last ten years has been an atractive investment
• negotiation power in the chain
The main disadvantages of vertical integration in the citrus industry, in this transaction
between fruit growers and industries, are:
• high imobilization of resources in land and buildings (high costs of land in the orange production
region (US$ 3 to 5.000/ha), and also in the fruit production implementation
• higher risks in the agricultural activity of producing oranges
• higher mobility and exit barriers
• costs of monitoring a principal/agent relationship, between the industry and farm managers
(burocratic and monitoring costs emerge)
• loss of specialization
• diseconomies of imbalanced stages between fruit production and industry
• high investments in machines
Vertical integration happens in almost all companies, except to Dreyfuss. Cargill has two
big producing farms, and all the other companies. Cambuhy has almost 80% of the fruit needed.
This four kinds of relations, going from market (insignificant) to vertical integration emerge
in this transaction. In the contracts, several kinds happen, depending on the distances, quality, size
(number of boxes), relationship with the industries and behavior in problematic events.

4 - CONCLUDING REMARKS

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 As it was possible to see in this research, the orange juice chain is a transnational chain.
Two states inside two countries produce almost all the juice available in the world. Brazil has more
than 80% of world’s exports, and the main consumer markets are in USA and Europe, with big
potential for growth in East Europe, Asia and South America, not only in orange juice, but in all
beverages that uses oranges. There is a growing market for juices that uses oranges, but also a big
supply, with growth trends.
Four companies, which have their main activities in Brazil (two of them brazilian owned)
started the concentration and globalization process, aquiring industrial units in Florida. Other
brazilian companies are trying to follow this process, considered of fundamental importance to be
in this business in the future.
There is a transaction in this chain, the one between fruit growers and industry, that still
have to be better coordinated, reducing the vertical integration levels, making possible to have the
gains of specialization (good and big specialized fruit growers have better results than the
industrie’s producing farms in Brazil) and reducing capital investments for these industries in
orange crops, allowing them to spend them building better distribution/logistics process,
distribution channels, and partnerships in the chain, offering the product and services desired but
its consumers (beverages industry).
Long term contracts between industry and fruit production, with education and trust,
shared risks ans results, with a long term planning, and long term results could turn this chain even
more competitive.
The trends for this global chain shows for more efficient and clean farm supplies
(defensives, fertilizers, nurseries), services (applications at the farm) and financial facilities offered
by this multinational farm-supplies companies to the farmers, mainly in Florida and São Paulo,
better production at the farm level, by specialized and big farmers, or small through cooperatives,
all of them with long term contracts with fewer global groups in the processing industry, mainly
brazilian headquartered, operating in Brazil and USA, and very well coordinated with the
beverages industry.
This beverage industry will continue to have the brand wars between them (Minute Maid,
Tropicana, Danone, Nestlé and others), spending millions of dolars in the comunication for brand
loyalty, also fighting the private labels of the retailers (already the third brand in USA), in a more
competitive beverage market, with several and expensive new products launched each year, fitting
benefits and services desired by the final consumers.

5 - REFERENCES

FDC - Florida Department of Citrus - Florida - Brazil Processing Linkages - Economic and Market Research
Department - Working Papers Series 97-1, 38 pg.
LESSER, P.F., 1997 - The Globalization of Florida Citrus - Florida Departament of Citrus, Lakeland FL, 8 pg.
NEVES, M.F., 1995 - Sistema Agroindustrial Citricola: Um Exemplo de Quase Integração no Agribusiness
Brasileiro.(Citrus Agri-Food Business: An Example of Quasi-Integration in Brazilian Agribusiness) -
Dissertação de Mestrado Apresentada à FEA/USP, 116 pg. Presented at the University of São Paulo to
obtain the Masters in Business Management Degree.

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 NEVES, M. F. & PINHEIRO MACHADO, C. A., 1996 - A Distribuição Varejista de Alimentos na Europa
(“Food Retailing in Europe”)- Capítulo 05 do livro “Agribusiness Europeu”. Pioneira, São Paulo, S.P., 130
pag. (Chapter 5 of “European Agribusiness”, a book by Pioneira Publishers, Brazil, 1996).
NEVES, M.F. ; LAZZARINI, S.G. ; MACHADO Fº, C. A. P. 1997 Agribusiness Brasileiro: Cenários e
Perspectivas (Brazilian Agribusiness: Scenary and Perpectives). Accepted for publishing at RAE/FGV
São Paulo.
POWER Jr., P., 1996 - Brazil Firm Purchases 2 Juice Plants - Business Finance - The Tampa Tribune, pg 8 -10
26/09/96
TILLOTSON, J.E., 1997 - Marketing & Business Strategy - The American Fruit Juice Market: A Growth
Model - Fruit Processing 01/97 - pg 24 - 30
WILLIAMSON, O.E., 1985 - The Economics Institutions of Capitalism - The Free Press, New York, 449 p.
ZUURBIER, P., 1996 - Market Structure and Vertical Coordination. - Proceedings of the Second International
Conference on Chain Management in Agri and Food Business- Department of Management Studies -
Wageningen Agricultural University, May 1996, pg 307-322
ZYLBERZSTAJN, D. 1995 - Economia dos Custos de Transação: Conceitos e Aplicação ao Estudo do
Agribusiness - Tese de Livre-Docência apresentada à FEA/USP, 237 pag. (“Transaction Cost Economics
- Concepts and Applications to Agribusiness Studies” - Post-PhD. Thesis, University of São Paulo).

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