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Thursday, September 19 2019 @ 02:47 am EDT

Panama: Coosemupar threatens to break Chiquita contract

Money Matters

Tholen - More than 3000 workers in the Panama banana sector demand the Chiquita signs a new contract with Coosemupar, the Panamanian cooperative which supplies bananas to Chiquita. The union Sitrachilco gave the Panamanian government 48 hours to appoint a commission which will deal on the subject with Chiquita. When the multinational doesn’t make a new agreement with Coosemupar within 15 days, the labourers will paralyse the activities for Chiquita and turn to new customers, particularly the EU.  Coosemupar has a contract with Chiquita that pays in between $ 5 and $ 5,5 per box of bananas, which according to Coosemupar is $ 1,5 below the cost price. Although EU prices may be very inviting at the present time, the Panamanian exit price could well drop below the present level if the banana market does collapse in May as many suggest. When Coosemupar does dissolve its agreements with Chiquita in the present, they may regret it later because a collapse of the market will imply a greater loss than the present loss sustained. Furthermore, the bananas would no longer bear the known logo. Publication date: 20 Feb 2006
Author: Andre van der Wiel

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