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.
CARL COURT / AFP - Getty Images
Yes, we have bananas. Merger of Chiquita with Fyffes will create world's largest producer of the popular fruit.
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.
-- The Associated Press
First published March 10 2014, 4:50 AM