Chiquita Fyffes download: brands to continue with higher prices? - The Packer

Chiquita Fyffes download: brands to continue with higher prices?

03/10/2014 12:05:00 PM
Tom Karst



  • Fyffes Shareholders will receive approximately 49.3% of the combined entity, on a fully diluted basis, and this is equivalent to a 38% premium based on Chiquita and Fyffes closing share prices on 7 March 2014 and a Euro/U.S. dollar exchange rate of 1.39;
  • On the basis of current banana volumes the combined entity will be the largest banana company globally with annual sales of over 160 million cases;
  • The combined entity will benefit from greater geographical diversification in its banana business;
  • Fyffes Shareholders will have the opportunity to benefit from operational synergies of at least $40 million by the end of 2016; and
  • ChiquitaFyffes will have annualized revenues of approximately $4.6 billions.
  • The Fyffes Board believes that Fyffes has consistently delivered outstanding results and that the proposed combination with Chiquita has the potential to provide increased value, growth and diversification opportunities for ChiquitaFyffes shareholders. 



 Find other SEC documents here


Employee FAQ 



11. Does this change our commitment to the salad business?
No, Fresh Express will be a very important component to the overall success of the combined company. In the past year we have made significant investments in our manufacturing capabilities, talent, innovation pipeline, Ag Ops, and quality and food safety systems. We are on a glide path to driving our target EBIT margins of 7-8% and this is a key element to our turnaround strategy. We see this business as a critical growth engine for the combined company going forward for the top-line and bottom-line. We are naming Brian Kocher, one of our best experienced executives to lead the business going forward as Chief Operating Officer – Salads & Healthy Snacks.

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