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Article: Chiquita To Discontinue Financial Subsidy of Armuelles, Panama, Division.
- Article from:
- PR Newswire
- Article date:
- December 31, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Chiquita Brands International, Inc. announced today that it will cease subsidizing the operations of the company's Puerto Armuelles Fruit Co. (PAFCO) in Panama, on Jan. 1, 2003. Previously, Chiquita declared that the company could not sustain continuing losses in this division, and that it would stop funding the Armuelles division if a solution to its uncompetitive cost position was not reached by year end. PAFCO can continue to operate for a brief period without financial subsidy. If an agreement is not reached soon, the operations will shut down for lack of funds. The Armuelles division has lost approximately $90 million over the past six years.
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