Landec Corp. and Chiquita Brands Announce Joint Technology Development and Supply Agreement
Proprietary Packaging Technology Extends Banana Shelf-Life to Meet Consumer Needs MENLO PARK, Calif. & CINCINNATI–(BUSINESS WIRE)–Sept. 9, 2004– Landec Corporation (Nasdaq:LNDC – News), a developer and marketer of technology-based polymer products for food, agricultural and licensed partner applications, and Chiquita Brands International, Inc. (NYSE:CQB – News) announced today that Landec's food subsidiary, Apio, Inc., has entered into a joint technology development and supply agreement with Chiquita to provide Landec's patented Intelimer packaging technology for Chiquita bananas. "This agreement is the culmination of several years of market trials to successfully validate our proprietary Intelimer packaging technology with bananas and its value in the marketplace," said Gary Steele, Landec's Chairman and Chief Executive Officer. "We are pleased that Chiquita recognizes the unique properties of our Intelimer technology and plans to use our packaging technology to add value to its banana products globally." "We have been evaluating the Intelimer packaging technology for bananas for two years and, based on the results, we believe this product will effectively extend the shelf life of bananas, which offers a significant benefit to our customers and consumers," said Fernando Aguirre, Chiquita's Chairman and Chief Executive Officer. Under the long-term agreement, Apio will supply Chiquita with its proprietary […]