The tropical fruit supplier Fyffes is to merge with its US-based rival Chiquita in a deal creating the world’s largest banana company.
The proposed new business will be called ChiquitaFyffes and generate revenues of $4.6bn (£2.75bn) from the sale of more than 160m banana boxes a year, as well as melons and pineapples.
Dublin-based Fyffes, which also sells products under the Sol brand, employs more than 12,000 people worldwide. Chiquita is the larger of the two firms with annual revenues of $3bn and 20,000 staff.
Shareholders in the North-Carolina-based company will own 50.7% of the combined business following the merger, which values Fyffes at $526m.
The existing brands will be retained but customers will have access to a more diverse product mix and choice, the two companies said.
The Fyffes executive chairman, David McCann, who will become chief executive of the merged business, said: “Our outstanding employees will benefit from working for a larger, more diverse business which offers opportunities for growth.
“We believe we will be able to use our joint expertise, complementary assets and geographic coverage to develop a business that can run smoothly and efficiently to better partner with our customers and suppliers”, Guardian informs.
