The UFCO was founded in 1899 by Minor C. Keith, a former railroad builder who had seen the potential for profit in the banana trade. Keith's company quickly became a major player in the industry, and by the early 1900s it controlled over half of the world's banana exports.
The UFCO's success was due in part to its control over the transportation of bananas. The company owned a fleet of ships that transported bananas from Central and South America to the United States and Europe. This allowed the UFCO to set the price of bananas and to dictate the terms of trade with local producers.
The UFCO also had a significant impact on the politics of the region. The company's economic power gave it enormous influence over local governments, and it often used this influence to its own advantage. For example, the UFCO lobbied for favorable trade policies and tax breaks, and it even helped to overthrow governments that were not friendly to its interests.
The UFCO's power and influence made it a target of criticism from both labor unions and social activists. The company was accused of exploiting its workers, paying them low wages and providing them with poor working conditions. The UFCO was also criticized for its environmental practices, which often resulted in the deforestation of large areas of land.
Despite these criticisms, the UFCO continued to grow and prosper in the early 1900s. The company's dominance of the banana trade gave it a virtual monopoly on the market, and its profits were enormous. However, the UFCO's power and influence would eventually lead to its downfall. In the 1950s, the company was forced to divest some of its assets, and its control over the banana trade began to decline. By the end of the 20th century, the UFCO was a much smaller company than it had been in its heyday.