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Fyffes and Chiquita merge to create world’s largest banana company

Chiquita is to merge with Fyffes to create the world’s largest banana company with about $4.6 billion (€3.3 billion) in annual revenues. The name will be changed in ChiquitaFyffes and will be listed on the New York Stock Exchange but domiciled in Ireland. ChiquitaFyffes will have an operating presence in more than 70 countries and a workforce of approximately 32,000 people around the world. It will also have a “significant presence” in the global market for packaged salads, melons and pineapples.



With the announced merger, Chiquita has a global presence with operations in 70 countries, a sizeable presence in the U.S. market and widely recognized brands including Chiquita Bananas(R) and Fresh Express(R). Fyffes is a leading international marketer and distributor of top quality, healthy tropical produce, marketed under a variety of well-known brands including Fyffes(R) and Sol(R).

“We will maintain our brands, all of which are valued by both customers and consumers. The combined company will also be able to provide customers with a more diverse product mix and choice. We know Fyffes well and our shared heritage will help to ensure a smooth integration as we work to bring best practices across geographies and business units to achieve substantial operating efficiencies,” he added.

Ed Lonergan, chief executive officer of Chiquita, will serve as chairman and David McCann, current executive chairman of Fyffes, will become CEO of the combined company. The senior executives will be located in corporate offices in Charlotte, North Carolina and Dublin, Ireland.

In a stock-for-stock transaction, Chiquita shareholders will own approximately 50.7 per cent of ChiquitaFyffes, and Fyffes shareholders will own approximately 49.3 per cent of ChiquitaFyffes, on a fully diluted basis.



Publication date: 3/10/2014


 


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