Chiquita has announced it is reducing its holding Chiquita Brands South Pacific from 28 to 10 per cent. It will receive roughly $14 million in cash from the sale.
The firm is a producer and distributor of bananas, citrus, mushrooms, kiwifruit and berries which also handles smaller volumes of other lines.
"This transaction allows us to continue making solid progress on our own restructuring while maintaining our long-term relationship with Chiquita Brands South Pacific through strategic investment," said Cyrus Freidheim, Chiquita Brands International ceo.
The announcement comes barely a week after Chiquita announced it was selling its share in a Florida citrus business to its jv partner as part of a quest to slash its debts by 2006.
No comments yet