<p> Chiquita Brands International is being reshaped as a high-volume, low-cost producer of bananas and packaged salads by discontinuing unessential assets such as healthy snacks in Europe and a smoothie joint venture with Danone SA.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"> Chief Executive Officer Ed Lonergan is streamlining operations by consolidating facilities in Illinois and expects to save $25 million this year and $60 million annually, according to Chicago Tribune. “During the past year, Chiquita has undertaken a strategic transformation to reduce its costs and improve our competitive positioning by focusing on our core businesses; salads in North American and bananas globally,” Ed Loyd, a spokesman for the company, said in an e-mailed statement.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"> Last year, Chiquita shares have more than doubled to $12.89 through Monday, a two-year high, despite unprofitable sales of avocados, grapes, and healthy snacks such as dried bananas and pineapples in Europe. Although Chiquita entered those businesses to offset volatility in the price of bananas, Chiquita lacked the “know-how” to compete in those areas and instead increased costs, said Kim Noland, an analyst at Gimme Credit.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"> Chicago Tribune reports that Chiquita has increased sales of packaged salads through private labels, or the marketing of another company’s products under their own, reaching $260.2 million from $251.7 million a year earlier. That helped to increase cash to $67 million, the most since the third quarter of 2011.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"> “We have two primary uses of our existing cash position, that is to fund the business, including capital expenditures, and to continue to repay debt,” said Rick Frier, Chiquita’s chief financial officer.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"> By focusing on salads in North American markets and bananas globally, Chiquita hopes to offset the company’s $601.8 million of total debt and work its way back after the past two years.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.chicagotribune.com/sns-wp-blm-news-bc-chiquita27-20130827,0,7566461.story" target="_new"> Chicago Tribune </a><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.chiquita.com" target="_new"> Chiquita </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">
