They're selling all assets, they are going to a strictly Distributor business model, which will probably hurt them in the long run. They will never be competitive. They will also lose control of quality which has started. Ferndick has zero knowledge of leading a company. There will be some major management changes, believe me not good ones. He will be losing all the knowledge base leadership, the professionsals who understand the business and the products. He will replace them with exP&G'ers who were fired for incompetence for not knowing the toilet paper industry...and place them in charge of areas such as banana operations,shipping, logistics, the tropics... FernDick must go if CQB is to be successful. tanios, whawho, zagnut-alla and others have destroyed this company,,now they will run it.... very scary
I guess they are still struggling for cancelling the leasing contract in Chile, at least no notice that it was finished - some million loss will look around.
By the way , the restructions annouced now on 29th oct , is done I guess on the purpose to get the stocks up. Remember 8th nov. III Quarter results and no good news I guess.
Same they did before II quarter results - announcement selling of the fleet - stocks went up then down- down.
So far for the stockholders- Looking on the overall I say strong sell
Furtheron I guess that people look at Delmonte fresh results- but you cannot compare Chiquita with Delmonte, they are producers and exporters in the majority. They have real more income in the production because of USD fall, not so Chiquita as an trader- they dpend on the market of the exporters, more than on their own.
Chiquita Anonuncement :selling off Atlanta in Germnany.Are there buyers around, I think there is no one to buy such , or in case a sell off like walmart did, who sold to metro, with price nill and the concept to overtake further restructure cost for the yaers to come.
That will say a big write off in assets , which at this stage chiquita can not permit themselves , like Walmart could. But may be the management is not even aware of the fact , that there will be no buyer who pays for Atlanta AG. All is possible in the spirit of the professionality on the top.
Regardless of your feelings about the people you mentioned, the asset sales idea is not unique to CQB or its current top management. Dole is choking on their LBO debt and probably moving in the same direction. Delmonte maybe too for other reasons. Watch and see. Lots of people in the world of business have figured out how to set up models to control the assets and their output, but put the capital to work somewhere else. As a shareholder, I'd much rather see the money invested somewhere else besides in dirt. I just hope the investment is done right.
My bet is there are also still going to be some banananeros and fruit people tucked into the fabric when the dust settles to make sure the fruit business doesn't fall apart.