Chiquita Brands International Inc. bananas are displayed at a store in Chinatown in San Francisco, California, U.S., on Tuesday, Feb. 19, 2013.
David Paul Morris — Bloomberg / Getty Images
March 10, 2014 5:40 AM EDT

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.


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