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Fyffes

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Fyffes plc
Company typePublic
Template:Ise, LSE: FFY
IndustryProduce
Founded1888
Headquarters
Dublin
,
Ireland
Key people
D. V. McCann
Chairman
ProductsFruit: bananas, melons, pineapples
Revenue€ 1,090.9 million (2014)[1]
€ 38.8 million (2014)[1]
€ 34.1 million (2014)[1]
Websitewww.fyffes.com

Fyffes plc (/faɪfs/ fyfs) is an Irish fruit and fresh produce company headquartered in Dublin, Ireland. Its Fyffes brand is most closely associated with the banana industry,[2] although it is applied to a wide range of fruits, including the Fyffes Gold Pineapples and Fyffes melons.

Fyffes is primarily involved in the production, procurement, shipping, ripening, distribution and marketing of bananas, pineapples and melons. Fyffes currently markets fruit in Europe and the United States, primarily under the Fyffes and Turbana brands.[3]

History

In the 1888, Edward Fyffe, a London food wholesaler, began commercial imports of bananas.[4] Then in 1897 he merged his business with Hudson Brothers, another importer to form Fyffe Hudson & Co.[5] The business became so successful that they purchased land in the Canaries to be cultivated as banana plantations. Meanwhile, Elder Dempster & Company (a large shipping firm which traded in the Canaries) had observed the success of Fyffe & Hudson and followed suit. In 1898, Elder Dempster's fruit importing business was extended to Jamaica.[6]

To protect the island's economy, the British government agreed to pay a subsidy of £40,000 a year to Elder Dempster to run a regular steamer service to Jamaica and bring large quantities of bananas to the British market. In May 1901 the firms merged and Elders & Fyffes Ltd was established in London. The following year 45% of the capital was purchased by the United Fruit Company of America. Thereafter, the business went from strength to strength using specially constructed ships that ensured the fruit arrived in good condition after the long Atlantic crossing.[7]

In 1960, at Bembridge Airport, Isle of Wight, Britten-Norman Ltd began trials of their new Cushioncraft—their name for an air-cushion vehicle built for Elders and Fyffes. It was used to study the potential of this type of vehicle for the carriage of bananas from overseas plantations.[8]

In May 1969, the company was renamed Fyffes Group Ltd, recognising the diversity and importance of the then (x-number) subsidiary companies. It became an Irish company following takeover by the Irish group FII plc in 1986.[5] FII plc had been created when Torney Brothers & McCann, (the origins of that company were Charles McCann's apple exporting business founded in 1890) merged with United Fruit Importers Limited to form Fruit Importers of Ireland Limited in 1968.[5] The combined company was initially known as FII Fyffes plc, but became simply Fyffes plc in 1989.[5]

In 2002 Fyffes took legal action against DCC plc in relation to the sale of its stake in the company, though DCC was eventually cleared of insider trading at that time. The Supreme Court of Ireland ruled in 2007 that DCC and Mr Flavin had inside information on Fyffes when it sold its stake in the fruit and vegetable distributor for €106 million in early 2000. This overturned a High Court decision which had gone in DCC's favour. The settlement of the civil claim in 2008 cost DCC around €42 million.[9]

In August 2004, Fyffes were involved in a rescue 200 miles (320 km) off the west coast of Ireland at Foynes Port in County Limerick. Four sailors who were attempting a transatlantic world rowing record were picked up in the stormy waters after their boat was destroyed by huge waves. The Fyffes banana ship that rescued them had been en route from Costa Rica with 250,000 cartons of bananas and was completing the 12-day voyage when they were alerted to the men's plight.[10]

On 15 May 2006, the company spun off its property portfolio to a separate company, Blackrock International Land plc, though it would retain a 40% share.[11] In September 2006, Irish newspapers reported that it was considering spinning off its fresh produce business, leaving Fyffes as purely a banana importer. On 2 January 2007 this occurred, with Total Produce plc listing on the ISE's Irish Enterprise Exchange and the LSE's Alternative Investment Market.[12]

In September 2008, UNICEF Ireland and Fyffes announced a corporate philanthropy partnership. The five-year partnership funded UNICEF's work in Mozambique combating the spread of malaria amongst orphaned and other vulnerable children.[13]

In March 2014, Fyffes agreed to merge with Chiquita, to form what would have become the world's largest banana distributor.[14] However, in October that year, Fyffes exercised its right to terminate the transaction agreement with Chiquita.[15]

In October 2015, Fyffes abruptly terminated a purchase contract with the Mayan King farms in Belize. Mayan King had been responsible for around one quarter of Belize's banana exports and employed approximately 1,200 people.[16] Workers at the farm protested in fear of losing their jobs. Fyffes stopped buying bananas from the farm in response to the farms' alleged continued affiliation with John Zabaneh, whom the US treasury department had named in 2012 as having ties to Mexican drug baron Joaquín Guzmán ("El Chapo"), leader of the Sinaloa Cartel. Zabaneh had strenuously denied any such ties, but under the Foreign Narcotics Kingpin Designation Act, US citizens and organizations had been effectively banned from doing business with him and any organizations linked to him.[17] Fyffes had severed links with Zabaneh and his interests in 2012 when the treasury department named him as a narcotics trafficker, but had restored ties with Mayan King as a supplier after the banana growers’ association assured it that Zabaneh was no longer involved in it and that a company unconnected with him, Meridian Farms, had taken control of Mayan King.[18]

Operations

Stacks of Fyffes shipping containers

Fyffes is an old fruit brand dating back to 1929, when the blue label was used on bananas for the first time.[19] Fyffes also import melons. The range covers melon types such as Galia, cantaloupe, charentais, watermelon, piel de sapo and yellow honeydew. The melons are sourced from Brazil, Honduras, Guatemala and Costa Rica.[20]

The Fyffes Group ripening facility in Basingstoke is the largest in Europe and is able to accommodate 117,000 boxes (or over 2,100 tonnes) of bananas at any one time.[21] The company formerly operated its own fleet of ships, known as Fyffes Line.[22]

See also

References

  1. ^ a b c "Annual Report 2014" (PDF). Fyffes. Retrieved 24 January 2016.
  2. ^ "About Fyffes". Fyffes.com. 2010. Archived from the original on 29 June 2009. Retrieved 18 March 2010. {{cite news}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  3. ^ "About Fyffes". Fyffes.com. 2010. Retrieved 25 November 2010.
  4. ^ "A fruitful life in Box" (PDF). Minchinhampton local history group. Retrieved 26 July 2017.
  5. ^ a b c d "Fyffes plc". Funding Universe. Retrieved 25 July 2017.
  6. ^ Davies, 1990, pp. 23–51
  7. ^ Davies, 1990, p. 87
  8. ^ "Cushioncraft CC2" (PDF). Flight Global. Retrieved 26 July 2017.
  9. ^ "Flavin won't face any further action". RTÉ News. 19 January 2010.
  10. ^ "Fyffes boat in dramatic sea rescue - Independent.ie". independent.ie. Retrieved 16 March 2014.
  11. ^ "Was investment in Fyffes a banana skin?". Irish Times. 26 January 2016.
  12. ^ Fyffes spin-off Total Produce begins trading on Dublin and London Stock Exchanges Fin Facts, 2 January 2007
  13. ^ "Our Partners: Fyffes". UNICEF Ireland. Archived from the original on 21 July 2011.
  14. ^ "Fyffes and Chiquita to create biggest banana firm". BBC. 10 March 2014. Retrieved 11 March 2014.
  15. ^ "Fyffes Announces Termination of Transaction Agreement with Chiquita" (PDF). Fyffes plc. 24 October 2014. Retrieved 2 August 2015.
  16. ^ "7 News Belize". Retrieved 25 January 2016.
  17. ^ "Fyffes cuts ties with Mayan King farm over Zabaneh; workers protest". Belize News and Opinion on www.breakingbelizenews.com. Retrieved 25 January 2016.
  18. ^ "Fyffes ends imports from Belize producer over drugs link". The Irish Times. 21 October 2015. Retrieved 25 January 2016.
  19. ^ History of the Fyffes banana brand. December 6, 2000.
  20. ^ Fyffes - Our Products. Archived from the original Archived 11 July 2011 at the Wayback Machine on 2011-07-11.
  21. ^ "Installation of 14 Banana Ripening Rooms at Fyffes, Basingstoke. MTX Contracts Case Study". Ripeningrooms.com. Retrieved 27 February 2015.
  22. ^ Coombe, Ian. "Elders & Fyffes". Merchant Navy Nostalgia. Retrieved 5 May 2013.

Bibliography

  • Beaver, Patrick (1976). Yes! We have some: The story of Fyffes. Publications for Companies. ISBN 978-0-904928-02-0.
  • Davies, Peter (1990). Fyffes and the Banana: Musa Sapientum - A Centenary History, 1888-1988, Continuum International Publishing Group. ISBN 978-0485113822
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