Chiquita and Fyffes announce $1 billion merger
Chiquita and Fyffes announce $1 billion merger
Chiquita Brands International Inc. and Fyffes plc announced that the boards of directors of both companies have unanimously approved a definitive agreement under which Chiquita will combine with Fyffes to form ChiquitaFyffes. The agreement creates a global banana and fresh produce company with approximately $4.6 billion in annual revenues. Chiquita and Fyffes plan to complete the transaction before the end of 2014.
Ed Lonergan, Chiquita's chief executive officer, will serve as chairman; David McCann, executive chairman of Fyffes, will become CEO of the combined company.