New deal makes Chiquita world’s top banana company

A merger with Ireland's Fyffes will make Chiquita Brands International the world’s top banana company.

According to CNN, the U.S. banana producer and the Dublin-based Fyffes, will merge together and form the largest banana company, stealing the No. 1 spot from Dole.

The Associated Press noted that the stock-for-stock transaction was announced on Monday and creates a banana and produce company with $4.6 billion in annual revenues.

Chiquita will own 50.7% of the stock, which is to be listed in New York, a joint statement by both companies read.

The North Carolina-based Chiquita Brands International Inc. distributed bananas and other fresh produce, under a variety of subsidiary brand names including Fresh Express salads.

Chiquita can trace its roots all the way back to 1871, while Fyffes can trace its roots back to 1888.

The new company, known as ChiquitaFyffes, has positioned itself to exploit the growing global demand for bananas, supported by improvements of shipping which allow the fruit to stay fresher longer.