US food company Chiquita Brands International has announced the sale of its 50% interest in its Honduran palm oil joint venture Mundimar to its joint venture partner, Andalusia Investments, for approximately US$21m in cash.
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Chiquita said it would record a fourth-quarter gain of approximately $7m on the sale.
“Although the joint venture has been profitable, this transaction is part of our ongoing strategy to divest non-core assets and focus on our fresh produce business,” said Cyrus Freidheim, chairman and chief executive officer.
Chiquita said Mundimar, which has annual sales of less than $100m, is an agro- industrial company in Honduras that focuses on the production and distribution of palm oil-based products, such as cooking oils, shortening, margarine and soaps, as well as other consumer products.
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