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Sunday, May 18, 2008

Chiquita Selling Atlanta AG for $85 million

chiquita Chiquita is selling Atlanta AG to for $85 million to reduce their debt.  They are selling the  . . .

. . .German distribution business, Atlanta AG, to Univeg Fruit and Vegetables BV for net proceeds of at least $85 million at current exchange rates.

Atlanta will also continue to serve as Chiquita's preferred supplier of banana ripening and distribution services in Germany and Austria, the company said.

The deal is expected to close near the end of the second quarter, and Chiquita will use the proceeds primarily to reduce debt.

Chiquita to sell German distribution business Atlanta AG for $85 million

Chiquita like many companies reliant on logistics and shipping is unloading loose luggage from their vertical and horizontal line ups as fuel prices continue to rise, increasing inflation in the products they offer.