- Fruit companies Fyffes PLC and Chiquita Brands International Inc. said today that they have agreed to merge together to form the world's largest banana company in an all-stock deal valued at about $1.07 billion.
- Dublin-based Fyffes said that the new company would be called ChiquitaFyffes and would have $4.6 billion in annual revenue and 32,000 employees globally. Chiquita shareholders would own 50.7% of that entity.
- Ed Lonergan, Chief Executive of Chiquita, said that both brands will be maintained, though the merger would allow for "a more diverse product mix and choice" for customers.
When a company gains that much control over the world's banana supply, it has a great deal of leverage. That can be utilized to maximize profit, of course, but it could also contribute to the end of sustainability: The type of banana most associated with the fruit is currently imperiled. Perhaps ChiquitaFyffes can use its aggregated sources to solve that problem.