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.
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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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