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Article: Chiquita Brands International signs agreement to sell Armuelles, Panama, division assets to worker cooperative.
- Article from:
- PR Newswire
- Article date:
- April 28, 2003
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Cincinnati -- Cincinnati, April 28 /PRNewswire/ -- - Tripartite negotiations yield fair, responsible solution
Chiquita Brands International announced today that it has signed an agreement with union leaders and the government of the Republic of Panama to sell the assets of its Puerto Armuelles Fruit Co. (PAFCO) division to a worker cooperative, Cooperativa de Servicios Multiples de Puerto Armuelles, R.L. (COOSEMUPAR). This cooperative is led by members of the Armuelles banana workers union, called SITRACHILCO (Sindicato Industrial de Trabajadores de la Chiriqui Land Company y Empresas Afines). The parties expect the transaction to close by the end of May.