Chiquita, Fyffes Set to Create Banana Behemoth U.S., Irish Companies' All-Stock Merger Deal Valued at $1.

07 Billion By Ed Ballard March 10, 2014 Fruit companies Fyffes and Chiquita Brands International Inc. said Monday they have agreed to combine, creating the world's largest banana company in an all-stock deal valued at about $1.07 billion. Chiquita shareholders would own 50.7% of the new company, ChiquitaFyffes, which would have $4.6 billion in annual revenue and 32,000 employees globally, Dublinbased Fyffes said. The companies said that on the basis of current volumes, ChiquitaFyffes would have banana sales of more than 160 million boxes annually, making it the global leader. The transaction is expected to be completed this year. "We will maintain our brands, all of which are valued by both customers and consumers," said Ed Lonergan, Chief Executive of Chiquita, based in Charlotte, N.C. "The combined company will also be able to provide customers with a more diverse product mix and choice," he added. David McCann, Fyffes's executive chairman, will become chief executive of the new company, while Mr. Lonergan will serve as chairman, Fyffes said. Fyffes separately posted Monday a 9.3% increase in net profit for 2013 of 26.1 million euros ($36.2 million), up from EUR23.9 million a year earlier, as revenue rose 6.3% to EUR1.08 billion. It increased its full-year dividend to 2.17 euro cents from 2.07.