The Chiquita-to-Go® banana program continues to grow and it is a higher margin program for Chiquita. In connection with renewing the agreement for an additional five years, the companies agreed to add the use of our BreatheWay® technology for creating an optimal atmosphere within shipping containers in the field of global transport of bananas. Chiquita has a sizable shipping container technology business that fits well with Landec’s long-term interest in using modified atmosphere technology for preserving produce during global transport. Chiquita began purchasing membranes for shipping containers in the third quarter of fiscal year 2012. However, it should be noted that the container program collaboration is still in its early commercial testing phase.For the avocado program, while Landec’s BreatheWay packaging has performed as designed, the Fresh & Ready® avocado program has not progressed due to operational difficulties experienced by Chiquita. Therefore, Chiquita has decided to take a different approach in order to exploit our BreatheWay technology for avocadoes. Chiquita is exploring a partner/licensee approach to continue the Fresh & Ready avocado program. With the right partner, likely one who already operates in the avocado industry, Chiquita believes it will be able to again offer consistent ready-to-eat avocados to retail and foodservice customers.
Landec Corporation Reports Fiscal Year 2012 And Fourth Quarter Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts