Panama: Banana Agreement with Fresh Del Monte

IPACOOP selected the offer of $54 million by Del Monte for the rental of 3 thousand hectares from the COOSEMUPAR banana company for 25 years.

Friday, April 24, 2009

With the decision of the Panamanian Autonomous Cooperative Institute (IPACOOP), negotiations for an agreement between cooperative COOSEMUPAR and Del Monte for the rental of the banana plantations will begin.

The cooperative has a debt of more than $35 million, which may be paid from the resources from the agreement with Fresh Del Monte multinational, published in Prensa.com.

More on this topic

Chiquita Brands Wants to Return to Panama

June 2013

Both Chiquita and Del Monte are participating in the auction of 3,100 acres that were part of the former grounds of the now defunt Coosemupar

Both companies are in talks with the Government and former employees of Cooperativa de Servicios Múltiples de Puerto Armuelles. A report by Ana Giselle Rosas de Vallarino, executive director of the Panamanian Autonomous Cooperative (IPACOOP) has revealed that with the money from the auction, the government will have to pay $17 million as payment of the worker-employer fee and other debts to suppliers .

Panama: Officials Reject CEDIT's Bid for Coosemupar

December 2009

The evaluation commitee rejected the bid by Italian company CEDIT (Centro de Distribución de Toscana), as it failed to comply with the established requisites.

The announcement was made by José Carlos Elizondo, Coosemupar interventor.

"Elizondo commented there are three additional companies interested in acquiring the banana cooperative", reported Prensa.com.

Panama: Companies Interested in Coosemupar

November 2009

5 Companies have expressed their interest in investing in Coosemupar, to rescue it from its current crisis.

The announcement was made by Ana Roasas, director of Ipacoop (cooperatives authority), adding that several proposals are being studied.

"...agricultural experts consider that the lands have potential for other uses aside from planting bananas", reports Laestrella.com.pa.

Panama - Fresh Del Monte Talks Fail

May 2009

Del Monte withdrew from negotiations for the operation of COOSEMUPAR, and a substitution through government investment is being considered.

Del Monte multinational withdrew from negotiations for the operation of Port Armuelles Multiple Services Cooperative (COOSEMUPAR) due to protests by cooperative workers, who blocked the border crossing between Panama and Costa Rica.

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