By Dan Kedmey
U.S. banana firm Chiquita will merge with its Irish competitor, Fyffes, in a deal that will create a banana industry behemoth: ChiquitaFyffes.
The BBC reports that the world’s largest banana company will have a valuation of $1 billion and could sell bananas at a rate of 160 million boxes a year.
Chiquita CEO Ed Lonergan hailed the deal as “a milestone transaction for Chiquita and Fyffes that brings together the best of both companies.” The company expects the merger to shave costs from the supply chain and extend its global reach.
[BBC]
More Must-Reads from TIME
- How Donald Trump Won
- The Best Inventions of 2024
- Why Sleep Is the Key to Living Longer
- How to Break 8 Toxic Communication Habits
- Nicola Coughlan Bet on Herself—And Won
- What It’s Like to Have Long COVID As a Kid
- 22 Essential Works of Indigenous Cinema
- Meet TIME's Newest Class of Next Generation Leaders
Contact us at letters@time.com