Fyffes expansion plans continue
15 December 1999
Fyffes expansion plans continue
PLANS by Fyffes to become the worlds largest fresh-produce company took another tack yesterday when it announced plans to spin off WorldofFruit.com, its business-to-business e-commerce venture.
Dublin-based Fyffes announced only last month the completion of its deal to buy 50% of Capespan, the largest exporter and marketer of South African fresh produce.
The Capespan deal will cut the groups dependence on bananas from 30% to 23%, and lifts its sales in citrus fruit, apples, pears and grapes.
Fyffes reported pre-tax profits for the year to 31 October increased by 
5 million to 83.9m (£53m). Sales from continuing businesses eased 1% to 1.89bn.
Meanwhile Chiquita, the worlds second-largest banana producer, has warned that fourth-quarter losses would be more than double analysts forecasts because of a fall in demand and weak prices.
Chiquita, based in Cincinnati, Ohio, said it expected a fourth-quarter loss of between $72m and $82m.
Dole, the worlds largest banana producer, reported an $8m loss in November and said it was cutting its reliance on bananas.
- Fyffes in distribution shake-up, FWi, 22 June, 1999
- Fyffes shrugs off weaker banana prices, FWi, 15 June, 1999
- Chiquita blames Kosovo for poor results, FWi, 19 May, 1999
- WorldofFruit.com
- Financial Times 15/12/99 page 32
- The Times 15/12/99 page 24 (Business Roundup)
- The Daily Telegraph 15/12/99 page 28
- Financial Times 15/12/99 page 33