Thursday, December 14, 2017
Business

Beyond Tampa Bay: Chiquita buys Irish fruit and produce distributor

Chiquita Brands International said Monday it had agreed to acquire Fyffes, an Irish fruit and produce distributor, in an all-stock deal that valued Fyffes at about $526 million. The combined companies, which will be named ChiquitaFyffes, will be the world's largest producer and distributor of bananas and will have about $4.6 billion in annual revenue. The transaction is expected to be completed by the end of the year.

McDonald's, the world's biggest hamburger chain, said Monday that sales fell 1.4 percent at established U.S. locations. It blamed the harsh winter weather, but conceded that "challenging industry dynamics" also played a role. After years of outperforming its rivals, McDonald's has struggled to boost sales as people flock to such places as Chipotle and Five Guys Burgers and Fries, chains that position themselves as a step up from traditional fast food in terms of quality, for a little extra money.

The U.S. Department of Agriculture reduced the 2013-14 Florida orange crop by 1 percent from the February estimate to 114 million boxes. The USDA reduced this season's grapefruit by 6 percent, to 16 million boxes. Tangerine production dropped 7 percent, to 3.25 million boxes, from February.

Sbarro filed for Chapter 11 bankruptcy reorganization Monday, the second time in just three years as the pizza chain struggles to turn around its business amid a drop in traffic at shopping mall food courts. The Melville, N.Y., company, which closed 155 U.S. locations last month, has about 800 locations worldwide, half of those in North America.

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