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May 30, 2002

AUSTRALIA: Chiquita to sell off recent fruit firm acquisition

Horticultural giant Chiquita Brands South Pacific (CBSP) is to sell off the Angas Park dried fruit business in South Australia it bought just two years ago. The decision was taken yesterday [Wednesday] at Chiquita’s annual meeting, when investors were told that the SA business had proved to be a disappointing investment.

Horticultural giant Chiquita Brands South Pacific (CBSP) is to sell off the Angas Park dried fruit business in South Australia it bought just two years ago.

The decision was taken yesterday [Wednesday] at Chiquita’s annual meeting, when investors were told that the SA business had proved to be a disappointing investment.

CBSP chairman Tony Hartnell told the meeting: “The average working capital for this business is US$16m and it peaks at US$26m.

“Coupled with a performance that did not initially live up to acquisition expectations, this business has had a severe impact on the group.”

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