Sunday, March 16, 2014

Does Chiquita merger mean it will violate Charlotte incentives agreement?

Charlotte Business Journal

The merger of Chiquita Brands International Inc. and Fyffes plc of Ireland sends the combined company’s headquarters to Dublin — which calls into question whether the company can live up to its promise to keep the Chiquita headquarters in Charlotte for 10 years.

Chiquita moved to Charlotte from Cincinnati in 2011 with the benefit of $23 million in city and state incentives. But there were promises made by the banana company in exchange for those inducements.

If those promises aren’t kept, Chiquita must return up to 100 percent of the incentives during the first five years of its move to Charlotte. The company had said it would keep its headquarters in Charlotte for 10 years and have 417 employees here by 2015. Chiquita says it has 310 employees in Charlotte now.  More here.

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