Chiquita Brands Sells Calif. Vegetable Unit
Chiquita Brands International Inc., which last year emerged from Chapter 11 bankruptcy protection, sold a City of Commerce-based potato and onion distributor to a management-led buyout group for about $7 million in cash.
The sale of Progressive Produce Corp., which employs 100 workers, was effective Jan. 15, Chiquita said. Chiquita is selling or shutting down smaller businesses to focus on its primary banana and fruit operations.
Shares of Cincinnati-based Chiquita fell 42 cents to $14.65 on the NYSE.
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