Chiquita completes $227 million sale of ships
Chiquita Brands International Inc. said it has completed the previously announced sale of its 12 refrigerated cargo vessels for $227 million.
The ships have been chartered back from an alliance formed by Eastwind Maritime Inc. and NYKLauritzenCool AB and the parties have entered into a long-term strategic agreement in which the alliance will serve as Chiquita’s preferred supplier in ocean shipping to and from Europe and North America.
The Cincinnati-based banana company said it would use the cash proceeds from the transaction to repay about $170 million of debt and the remainder will be retained for general corporate purposes, including growth investments or future debt repayments.
With annual revenues of about $4.5 billion, Chiquita Brands also sells other fruits and packaged salads.
Chiquita completes $227 million sale of ships
