Chiquita Reaches Agreement for the Sale of Atlanta AG to UNIVEG

CINCINNATI, May 13 /PRNewswire-FirstCall/ -- Chiquita Brands International, Inc. today announced it has signed a definitive agreement to sell its wholly-owned German distribution business, Atlanta AG, for net proceeds of at least $85 million at current exchange rates to UNIVEG Fruit and Vegetables BV ("UNIVEG"). The parties also entered a long-term strategic agreement in which Atlanta will continue to serve as Chiquita's preferred supplier of banana ripening and distribution services in Germany and Austria.

"We are pleased to conclude yet another important step in the execution of our profitable growth strategy," said Fernando Aguirre, chairman and chief executive officer. "This transaction will enable us to increase our focus on providing branded, healthy, fresh foods to consumers worldwide, while ensuring that we continue to provide reliable, high-quality ripening and distribution of Chiquita bananas in the German and Austrian markets."

"The acquisition of this leading German fruit and vegetables trading company proves UNIVEG's continued commitment to delivering added value to our customers. Moreover, we can optimize our infrastructure and benefit from the customer service capabilities and quality assurance system of Atlanta AG in Germany and Austria," said Hein Deprez, CEO of UNIVEG.

The transaction is subject to review by European competition authorities, and is expected to be completed near the end of the second quarter. The sale transaction will result in a gain to Chiquita, and net proceeds are expected to be used primarily for debt reduction.

With $1.2 billion in revenues from non-Chiquita products in 2007, Atlanta's operating results have not been significant to Chiquita's overall operating income in recent periods. In October of 2007, the company announced that it was seeking strategic alternatives for Atlanta, which operates 17 distribution centers in Germany and Austria that ripen and distribute bananas and other produce, most of which carry third-party labels. The company will begin presenting Atlanta as a discontinued operation in its financial statements beginning in the second quarter of 2008.

About Chiquita Brands International, Inc.

With annual revenues of approximately $3.5 billion, excluding Atlanta AG, Chiquita Brands International, Inc. is a leading international marketer and distributor of high-quality fresh and value-added food products -- from energy-rich bananas and other fruits to nutritious blends of convenient green salads. The company markets its products under the Chiquita(R) and Fresh Express(R) premium brands and other related trademarks. Chiquita employs approximately 24,000 people operating in more than 70 countries worldwide.

ABOUT UNIVEG

The UNIVEG Group of companies is a worldwide supplier of fresh produce -- from fruits and vegetables, bulbs and flowers, convenience, logistics and transports. With annual revenues of more than euro 2.2 billion, it employs 8,500 people operating in 23 countries worldwide.

Forward-looking Statements

This press release contains certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Chiquita, including: cost increases and the company's ability to pass them through to its customers; changes in the competitive environment following the 2006 conversion to a tariff-only banana import regime in the European Union; unusual weather conditions; industry and competitive conditions; financing; the company's ability to achieve the cost savings and other benefits anticipated from the restructuring announced in October 2007; product recalls and other events affecting the industry and consumer confidence in company products; the customary risks experienced by global food companies, such as the impact of product and commodity prices, food safety, currency exchange rate fluctuations, government regulations, labor relations, taxes, crop risks, political instability and terrorism; the company's ability to consummate the transaction with UNIVEG; and the outcome of pending claims and governmental investigations involving the company, the legal fees and other costs incurred in connection with them.

Any forward-looking statements made in this press release speak as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and the company undertakes no obligation to update any such statements. Additional information on factors that could influence Chiquita's financial results is included in its SEC filings, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.