Chiquita Brands International Inc has announced that it has completed the previously announced sale of its 12 refrigerated cargo vessels for $227 million (£114m).
Chiquita, a leading international marketer and distributor of high-quality fresh and value-added food products, will use the cash proceeds from the transaction to repay approximately $170 million of debt, and the remainder will be retained for general corporate purposes, including growth investments, or future debt repayments.
The ships have been chartered back from an alliance formed by Eastwind Maritime Inc. and NYKLauritzenCool AB. The parties also entered 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 company markets its products under the Chiquita and Fresh Express premium brands and other related trademarks, employs approximately 25,000 people operating in more than 70 countries worldwide.
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