Multinational fruit company Chiquita Brands International has confirmed it will focus more closely on its core banana business after selling its interest in its Chiquita Smoothies division to Munich-based supplier Gebrüder Bagusat.
Over the next two months, the company will transfer operations to a new commercial entity, Chiquita Bagusat Smoothies, which is also set to take over the controlling stake in the original venture held by French multinational Danone, which acquired a 51 per cent share in the spring of 2010.
As reported back in January, Danone has also decided to sell off its part of the business, with one anonymous source citing three years of poor performance and a "significant downturn" in its southern European dairy division.
Bagusat has been Chiquita's exclusive smoothie producer in Europe for several years, supplying products marketed under the Just Fruit in a Bottle brand.
"As part of their corporate strategies, Chiquita and Danone have decided to focus on their core businesses," Chiquita confirmed in a statement.
