Chiquita Brands International

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USA: Chiquita announces second quarter results

25 Jul 2001

Chiquita Brands International, Inc. yesterday reported second quarter 2001 earnings before interest, taxes, depreciation and amortization (EBITDA) of $47 million compared to $69 million for the second quarter of 2000. Second quarter earnings before interest and taxes were $24 million in 2001 and $44 million in 2000. The Company reported an after-tax loss of $9 million ($.16 per share) before $2 million ($.03 per share) of parent company debt restructuring costs in the current quarter. In the second quarter of 2000, earnings were $11 million ($.10 per share) before an extraordinary gain of $2 million ($.03 per share) from debt prepayments.

USA: Chiquita slammed by Costa Rica for breaking minimum price agreement

12 Jul 2001

US banana exporter Chiquita has been accused by Costa Rica of breaking a minimum price agreement of US$5.25 a box made by the government earlier this year. The Costa Rican trade minister Tomas Duenas explained that Chiquita has dropped its price to just US$4.50 this month, while the other US exporters

DENMARK: Danish Cooperative FDB in child labour accusations, as PR agency slammed

6 Jul 2001

One of the leading ad agencies in Scandinavia, Kunde & Co. , has caused uproar in the Danish retail business after accusing FDB, the Danish Cooperative Retail and Wholesale Society, of buying Central American bananas from Chiquita plantations employing child labour.

USA: IUF/Colsiba And Chiquita Brands International Sign Historic Agreement On Trade Union Rights For Banana Workers

15 Jun 2001

A historic agreement on "Freedom of Association, Minimum Labour Standards and Employment In Latin American Banana Operations" was signed today at the International Labour Organisation (ILO) in Geneva, Switzerland. The agreement was signed by IUF General Secretary Ron Oswald, German Zepeda, coordinator of the Latin American Coordinating Committee of Banana Workers' Unions (COLSIBA), and President and Chief Operating Officer Steven G Warshaw of Chiquita Brands International. The signing was witnessed by ILO Director General Juan Somavia.

USA: IUF/Colsiba And Chiquita Brands International Sign Historic Agreement On Trade Union Rights For Banana Workers

15 Jun 2001

A historic agreement on "Freedom of Association, Minimum Labour Standards and Employment In Latin American Banana Operations" was signed today at the International Labour Organisation (ILO) in Geneva, Switzerland. The agreement was signed by IUF General Secretary Ron Oswald, German Zepeda, coordinator of the Latin American Coordinating Committee of Banana Workers' Unions (COLSIBA), and President and Chief Operating Officer Steven G Warshaw of Chiquita Brands International. The signing was witnessed by ILO Director General Juan Somavia.

USA: Chiquita announces first quarter results

25 Apr 2001

Chiquita Brands International, Inc. (NYSE: CQB) yesterday reported first quarter net income of $4 million ($.01 per share), compared to earnings of $35 million ($.43 per share) in the first quarter of 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2001 was $61 million compared to $92 million in the first quarter of 2000.

USA: Chiquita announces first quarter results

25 Apr 2001

Chiquita Brands International, Inc. (NYSE: CQB) yesterday reported first quarter net income of $4 million ($.01 per share), compared to earnings of $35 million ($.43 per share) in the first quarter of 2000. Earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of 2001 was $61 million compared to $92 million in the first quarter of 2000.

EU/USA: World trade - Ecuador not bananas about pact - COMMENT

18 Apr 2001

Major banana exporter Ecuador has stated its opposition to the new US-EU trade pact. The US and the EU may have ended their quarrel over bananas, but not everyone's happy. Ecuador's opposition to the deal adds to Dole Food's misgivings; both feel that a 'first-come first-served' system would be much fairer. However, given the enormous clout the US and the EU have in global trade, it remains to be seen whether the protests will have any effect.

USA: Dole Food Co. Inc. announces reaction to United States trade representative's actions over European banana regime

17 Apr 2001

Dole Food Co. Inc. (NYSE:DOL) Friday (13 April) announced its disappointment with, and opposition to, the actions of Robert Zoellick, the United States Trade Representative, to block the European Union's proposed "first-come, first-served" reform of its banana import regime. Dole believes in free trade, open markets and the freedom for everyone to compete for markets.

USA: Dole Food Co. Inc. announces reaction to United States trade representative's actions over European banana regime

17 Apr 2001

Dole Food Co. Inc. (NYSE:DOL) Friday (13 April) announced its disappointment with, and opposition to, the actions of Robert Zoellick, the United States Trade Representative, to block the European Union's proposed "first-come, first-served" reform of its banana import regime. Dole believes in free trade, open markets and the freedom for everyone to compete for markets.

EU/USA: Banana dispute ends in compromise, both sides must follow through

12 Apr 2001

The EU and the USA have finally reached an agreement to settle the long running and costly dispute over banana imports into the EU. Since 1993 and the formation of the common market in Europe, US officials have criticised the EU for giving preferential treatment to imports of the fruit from former colonies in the Caribbean and Africa. It seemed the debate had reached an impasse however when the US imposed punitive sanction on unrelated EU exports worth nearly US$200m.

EU/USA: Banana dispute ends in compromise, both sides must follow through

12 Apr 2001

The EU and the USA have finally reached an agreement to settle the long running and costly dispute over banana imports into the EU. Since 1993 and the formation of the common market in Europe, US officials have criticised the EU for giving preferential treatment to imports of the fruit from former colonies in the Caribbean and Africa. It seemed the debate had reached an impasse however when the US imposed punitive sanction on unrelated EU exports worth nearly US$200m.

USA: Chiquita comments on U.S.-EU banana trade agreement

12 Apr 2001

Chiquita Brands International, Inc. (NYSE: CQB) commented on the agreement announced yesterday between the U.S. Government and the European Commission regarding their long-standing dispute over the European Union's banana import regime. Chiquita stated that this agreement is expected to result in a partial recovery in future periods of the EU market opportunities previously available to Chiquita and Latin American producing nations. However, the Company still intends to proceed with the proposed restructuring of its parent company debt announced earlier this year. This restructuring initiative is necessitated by the cumulative effect on Chiquita of the EU's discriminatory banana import regimes over the past eight years, as well as the accelerated weakening of European currencies in recent years. The agreement announced today will provide no compensation to Chiquita for past damages attributable to previous EU regimes.

EU: End in sight for EU-US banana dispute

11 Apr 2001

The end of the long-running banana dispute between the US and the EU could be in sight after both countries struck a deal to lift sanctions. The EU said on Wednesday that the US had agreed to suspend US$191m of sanctions on European Union goods on July 1. The sanctions were imposed by the US after it won a

USA: Chiquita - bankruptcy beckons after big banana slip up - COMMENT

6 Apr 2001

Chiquita's auditors, Ernst & Young, have questioned the group's continued viability. The EU's introduction of new banana import restrictions, after a WTO ruling that its previous regime was illegal, forced an adjustment from big US producers. Chiquita's decision to defy this ruling has cost it dear and may well lead the company into financial ruin.

USA: Auditor raises doubts over Chiquita

4 Apr 2001

Chiquita Brands international auditor Ernst & Young has questioned the group's ability to continue as a 'going concern.' The auditors cited Chiquita's efforts to restructure its debt as a signal that bankruptcy may be looming in the company's annual report that was filed with the US Securities and Exchange Commission on Monday.

USA: Chiquita completes $120 million credit facility

14 Mar 2001

Chiquita Brands International, Inc. (NYSE: CQB) today announced that its principal operating subsidiary, Chiquita Brands, Inc. has completed its previously announced three-year $120 million secured credit facility with Foothill Capital Corporation and Ableco Finance LLC. The new facility, which consists of a term loan of $75 million and a revolving credit facility of $45 million, has been used to repay $50 million of maturing subsidiary debt. The remaining amounts are for seasonal working capital needs and other general corporate purposes. The completion of this credit facility will not alter Chiquita's previously announced financial restructuring initiative.

USA: U.S. Agriculture Coalition presses EU to end protectionist policies on beef and bananas

7 Mar 2001

With a key European trade official in the U.S. this week for inaugural talks with the Bush Administration, an American agricultural coalition today called upon the European Union (EU) to take a fresh approach to US-EU trade relations by reversing its protectionist policies regarding beef and banana imports, including newly proposed illegalities in the banana regime. The group is insisting that Europe conform its trade policies to World Trade Organization (WTO) rules. Pascal Lamy, EU Trade Commissioner, arrives in the U.S. today to meet with U.S. Trade Representative Robert Zoellick and others.

USA: U.S. Agriculture Coalition presses EU to end protectionist policies on beef and bananas

7 Mar 2001

With a key European trade official in the U.S. this week for inaugural talks with the Bush Administration, an American agricultural coalition today called upon the European Union (EU) to take a fresh approach to US-EU trade relations by reversing its protectionist policies regarding beef and banana imports, including newly proposed illegalities in the banana regime. The group is insisting that Europe conform its trade policies to World Trade Organization (WTO) rules. Pascal Lamy, EU Trade Commissioner, arrives in the U.S. today to meet with U.S. Trade Representative Robert Zoellick and others.

USA: Chiquita Announces 2000 Results

13 Feb 2001

Chiquita Brands International, Inc. (NYSE: CQB) today reported a fourth quarter 2000 loss of $69 million ($1.10 per share) before approximately $20 million ($.30 per share) of charges and write-downs of production and sourcing assets in the Company's Fresh Produce operations. For the year, Chiquita reported a loss of $75 million ($1.38 per share) before the charges and write-downs.

USA: Chiquita Announces 2000 Results

13 Feb 2001

Chiquita Brands International, Inc. (NYSE: CQB) today reported a fourth quarter 2000 loss of $69 million ($1.10 per share) before approximately $20 million ($.30 per share) of charges and write-downs of production and sourcing assets in the Company's Fresh Produce operations. For the year, Chiquita reported a loss of $75 million ($1.38 per share) before the charges and write-downs.

USA: Chiquita files damages suit against the European Commission

26 Jan 2001

Chiquita Brands International, Inc. (NYSE: CQB) announced yesterday that it has filed a lawsuit in the Court of First Instance of the European Court of Justice claiming damages from the European Commission for not carrying out the European Union's commitment to reform its banana import regime to comply with 1997 World Trade Organization rulings. The Commission amended the banana regime in January 1999 in response to the EU's mandate of WTO compliance. However, a WTO panel ruled in April 1999 that these amendments actually perpetuated the WTO incompatibility of the original banana import regime.

USA: Chiquita files damages suit against the European Commission

26 Jan 2001

Chiquita Brands International, Inc. (NYSE: CQB) announced yesterday that it has filed a lawsuit in the Court of First Instance of the European Court of Justice claiming damages from the European Commission for not carrying out the European Union's commitment to reform its banana import regime to comply with 1997 World Trade Organization rulings. The Commission amended the banana regime in January 1999 in response to the EU's mandate of WTO compliance. However, a WTO panel ruled in April 1999 that these amendments actually perpetuated the WTO incompatibility of the original banana import regime.

USA: Chiquita ask investors to agree restructuring plan

17 Jan 2001

Chiquita Brands International , the company at the hub of a trade dispute between the US and the European Union over bananas, has announced that it will halt debt repayments and ask investors to consent to a restructuring of US$862mn (€914.3mn ) of bond debt. The action could culminate with the banana company filing for Chapter 11 bankruptcy protection later this year, the company said Tuesday.  Any proposed deal with bondholders would involve a swap of debt for equity.

USA: Chiquita ask investors to agree restructuring plan

17 Jan 2001

Chiquita Brands International , the company at the hub of a trade dispute between the US and the European Union over bananas, has announced that it will halt debt repayments and ask investors to consent to a restructuring of US$862mn (€914.3mn ) of bond debt. The action could culminate with the banana company filing for Chapter 11 bankruptcy protection later this year, the company said Tuesday.  Any proposed deal with bondholders would involve a swap of debt for equity.

USA: Chiquita achieves major milestone in environmental and social certification of banana farms

17 Nov 2000

Chiquita Brands International, Inc. (NYSE: CQB) announced yesterday that it has achieved a major milestone in its work with the Rainforest Alliance's Better Banana Project (BBP) -- the certification of 100 percent of its owned banana farms in Latin America. The Better Banana Project is the leading international certification program for environmental and social standards on banana farms, and is managed by the Rainforest Alliance, an U.

USA: Eurofruit Magazine corrects misstatement regarding U.S., ACP and Latin American opposition to EU's banana scheme

20 Oct 2000

Chiquita Brands International wants journalists to be aware that Eurofruit Magazine has corrected a serious error that created the mistaken impression that Europe's most recent banana import policy is acceptable to the United States and some Latin American, African, Caribbean and Pacific nations.In a headline for a story in the October 2000 issue, the magazine said that these nations "agree" with the European Union's "first-come, first- served" proposal, when in fact they disagree with it. The magazine has acknowledged its error and filed a correction, the text of which is replicated below:

USA: Eurofruit Magazine corrects misstatement regarding U.S., ACP and Latin American opposition to EU's banana scheme

20 Oct 2000

Chiquita Brands International wants journalists to be aware that Eurofruit Magazine has corrected a serious error that created the mistaken impression that Europe's most recent banana import policy is acceptable to the United States and some Latin American, African, Caribbean and Pacific nations.In a headline for a story in the October 2000 issue, the magazine said that these nations "agree" with the European Union's "first-come, first- served" proposal, when in fact they disagree with it. The magazine has acknowledged its error and filed a correction, the text of which is replicated below:

USA: Chiquita announces third quarter results

19 Oct 2000

Chiquita Brands International, Inc. (NYSE: CQB) today reported that its third quarter 2000 net loss was $54 million ($.87 per share), which includes an extraordinary loss of $2 million ($.03 per share) from debt refinancing. In 1999, the Company reported a third quarter net loss of $37 million ($.62 per share).The Company's results were negatively impacted by the strongest dollar in relation to major European currencies in the last fourteen years and higher fuel costs. These impacts were partially offset by the Company's continued improvements in production and logistics costs of its Fresh Produce business and benefits from its workforce reduction program announced in 1999.Third quarter earnings for the Processed Foods business improved as the Company continues to consolidate productive capacity in its canning operations.The net loss in the 1999 third quarter includes $6 million of workforce reduction charges and $10 million of interest income on tax refunds.Net sales for the quarter decreased $101 million to $466 million primarily as a result of the stronger dollar, lower banana volume in North America and non-core trading markets, and the deconsolidation of the Company's Australian operations.The Company also announced today that it will not declare or pay any further dividends on any of its outstanding preferred and preference stock until conditions improve. These series are the $2.875 Non-Voting Cumulative Preferred Stock, Series A, $3.75 Convertible Preferred Stock, Series B, and $2.50 Convertible Preference Stock, Series C. Dividends on these series, which total $17 million annually, will continue to accrue, in accordance with the terms of these shares.The Company conference call to discuss third quarter results will begin at 1:00 EST today and will be available via webcast at

USA: Chiquita announces third quarter results

19 Oct 2000

Chiquita Brands International, Inc. (NYSE: CQB) today reported that its third quarter 2000 net loss was $54 million ($.87 per share), which includes an extraordinary loss of $2 million ($.03 per share) from debt refinancing. In 1999, the Company reported a third quarter net loss of $37 million ($.62 per share).The Company's results were negatively impacted by the strongest dollar in relation to major European currencies in the last fourteen years and higher fuel costs. These impacts were partially offset by the Company's continued improvements in production and logistics costs of its Fresh Produce business and benefits from its workforce reduction program announced in 1999.Third quarter earnings for the Processed Foods business improved as the Company continues to consolidate productive capacity in its canning operations.The net loss in the 1999 third quarter includes $6 million of workforce reduction charges and $10 million of interest income on tax refunds.Net sales for the quarter decreased $101 million to $466 million primarily as a result of the stronger dollar, lower banana volume in North America and non-core trading markets, and the deconsolidation of the Company's Australian operations.The Company also announced today that it will not declare or pay any further dividends on any of its outstanding preferred and preference stock until conditions improve. These series are the $2.875 Non-Voting Cumulative Preferred Stock, Series A, $3.75 Convertible Preferred Stock, Series B, and $2.50 Convertible Preference Stock, Series C. Dividends on these series, which total $17 million annually, will continue to accrue, in accordance with the terms of these shares.The Company conference call to discuss third quarter results will begin at 1:00 EST today and will be available via webcast at

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