Chiquita To Discontinue Financial Subsidy of Armuelles, Panama, Division.

Publication: PR Newswire

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COPYRIGHT 2002 PR Newswire Association LLC

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...

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