Chiquita Brands sets up venture for produce products in China

Chiquita Brands sets up venture for produce products in China Chiquita Brands International this week said it has entered into a joint venture with Haitong Food Group Co., Ltd. for the processing, sale and marketing of value-added fresh produce in China, marking the company’s initial entry into the country.
   Under the agreement, Chiquita will provide limited capital investment and have majority ownership of the joint venture company, Zhejiang Chiquita-Haitong Food Co. Ltd., which will operate food processing operations in Cixi, China. The company will market and sell value-added produce, such as fresh packaged salads, fresh cut fruits and vegetables and fresh chilled beverages in China.
   The start of the joint venture is subject to the receipt of relevant regulatory approvals, which are expected during the fourth quarter. Chiquita was advised throughout the transaction by Shiyao Investments Ltd.