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.