The joint venture will provide Danone with a platform to explore and develop fruit-based products, adding to its existing portfolio of healthy, fresh dairy products and extending its potential for growth in Europe.
Under the terms of the agreement, Danone will pay an undisclosed amount in cash to Chiquita for a 51% interest in – and management control over – the joint venture. Chiquita will license its trademark to the new entity. The transaction is subject to customary regulatory approvals and is expected to be completed in the first half of 2010.
Over the last four years, Chiquita’s Just Fruit in a Bottle product has become one of the leading fruit smoothie brands in Europe, with distribution in 12 countries, generating approximately €20m sales in 2009.
The new joint venture, which will be headquartered in Paris, will be the exclusive distributor of Chiquita Just Fruit in a Bottle and all future Chiquita branded beverage products in Europe.
Source: Danone
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