Chiquita Brands South Pacific Ltd. an Australian fruit and vegetable concern, said today [Friday] it signed a preliminary agreement to sell its Angas Park Fruit Co . to the existing management team.
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Angas Park, which was bought by Chiquita in mid-2000, makes and sells dried fruit to the grocery trade and as an ingredient to the food processing industry.
“With the benefit of hindsight, we now realize that Angas Park was not a good fit for our business,” said Chiquita Chief Executive Mano Babiolakis. “It has a high requirement for working capital and the planned synergies with other CSPB businesses have failed to materialise,” he said.
