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Chiquita Brands International, Inc. (Business Briefs).

Chiquita Brands International, Inc. completed the previously announced sale of its vegetable canning subsidiary, Chiquita Processed Foods LLC, to Seneca Foods Corporation The purchase price paid to Chiquita was $110 million in cash and approximately 968,000 shares of Seneca preferred stock that will be convertible into an equal number of shares of Seneca series A common stock. Seneca also assumed Chiquita Processed Foods' debt, which was $88 million at March 31, 2003. Chiquita will use the sale proceeds primarily to reduce debt.
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Title Annotation:completes sale of Chiquita Processed Foods to Seneca Foods
Publication:Food & Drink Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Jun 2, 2003
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