The sale was announced earlier in the year and went through last week. The local co-op buying the business is led by members of the Armuelles banana-workers' union and has undertaken a 10-yeaer contract to sell fruit back to Chiquita at the market price. In turn, Chiquita is also providing the business with technical support in both agricultural and logistics operations.

The deal went through for $20 million. Proceeds include $15m cash advanced by a Panamanian bank and a $5m loan from Chiquita. The Chiquita loan is repayable by deducting $0.20 per box from the sale price of fruit. Under the sale, Chiquita will also pay severance and other costs to workers' to the tune of $20m.

Following the sale and its own productivity improvements, Chiquita has told shareholders it expects costs related to Pafco to fall by $20m this year compared to last.

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