Chiquita combines with Fyffes to create world's top banana company
Chiquita bananas are piled on display at the Heinen's grocery store in Bainbridge, Ohio in this Aug. 3, 2005 file photo. (AP Photo/Amy Sancetta, file)
The Associated Press
Published Monday, March 10, 2014 7:33AM EDT
LONDON -- Chiquita has combined with Dublin-based Fyffes to become the world's top banana company.
The stock-for-stock transaction announced Monday creates a global banana and fresh produce company with $4.6 billion in annual revenues.
The new company, ChiquitaFyffes, will have an operating presence in more than 70 countries and a workforce of approximately 32,000 people. It will become the largest company in the global banana market with sales of more than 160 million boxes annually.
Ed Lonergan, Chiquita's chief executive officer, says the deal creates a strategic partnership that combines two complementary companies that will work to bring best practices in countries where they operate.
Chiquita Brands International is based in Charlotte, North Carolina, and has a big presence in the United States while Fyffes has a major presence in Europe.