Charlotte-based Chiquita Brands International said Monday that it plans to merge with Irish fruit company Fyffes, splitting senior executives between Charlotte and Dublin and creating the worlds largest banana company.
The companies plan to combine in an all-stock deal, with the resulting company to be called ChiquitaFyffes. The deal is slated to close later this year, after approval from shareholders and an Irish court.
Ed Lonergan, the chief executive brought in to turn Chiquita around, will become non-executive chairman of the combined company, while Fyffes CEO David McCann has been named chief executive of ChiquitaFyffes.
The company will be based in Ireland.
Read more at the Observer: http://www.charlotteobserver.com/2014/03/10/4755019/chiquita-to-merge-with-irish-produce.html