Chiquita Restructures, Cuts 160 Management Positions

Militia-funding banana company Chiquita has announced a big restructuring plan that will eliminate 160 management jobs, including 21% of the top three tiers of management, for a savings of $60-80 million dollars in 2008. The company says it will use the savings to pay down debt. It doesn’t mention, however, that last month it was fined $25 million for financially supporting both left- and right-wing paramilitary groups in Colombia from 1997 to 2004.

Coincidentally, the company said it will “take a one-time charge of $25 million in the fourth quarter of 2007, related to severance costs and certain asset write-downs.”

“Chiquita Brands to restructure and cut jobs” [Reuters]