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January 28, 2013
08:20 EDTCQBChiquita says previously announced initiatives substantially completed in Q4
The company said, "As previously announced, the company has already implemented strategic and operational initiatives to focus on its core businesses of bananas and salads, reduction of its value chain costs, reduction of its overhead and selling, general and administrative costs and volume growth. These strategic initiatives were substantially completed in the fourth quarter of 2012 and are expected to drive at least $60M in annual savings beginning in 2013, including $25M for completed headcount reductions and approximately $35M for value chain cost reductions. The consolidation of the company's Midwest salad processing facilities is expected to be completed in the third quarter of 2013 and the company expects to generate $8M of annual savings. The company has expanded its salad program by providing a more comprehensive product offering in the value-added salad market, which includes branded and private label packaged salads, organic packaged salads and whole head lettuce. Since September 30, 2012, the company has added approximately 5M annual boxes of distribution growth in its North American banana business and were awarded private label business from certain retail grocery customers, scheduled to commence at the end of the first quarter of 2013, representing new estimated volume of 1.6M cases for 2013. Chiquita's goal is to achieve operating margins of 4% in Bananas and 7%-8% in Salads in the next two to three years."
News For CQB From The Last 14 Days
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September 26, 2014
09:38 EDTCQBCutrale-Safra says to make Chiquita offer 'as expeditiously as possible'
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05:36 EDTCQBChiquita Brands, Fyffes announce revised transaction agreement
Chiquita Brands and Fyffes announced that the Boards of Directors of both companies have unanimously approved a revised agreement for the proposed combination of Chiquita and Fyffes. Under the terms of the amended agreement, Fyffes shareholders will now receive 0.1113 ChiquitaFyffes shares for each Fyffes share they hold and Chiquita shareholders will receive one ChiquitaFyffes share for each Chiquita share that they hold upon completion of the Combination. At that time, Chiquita shareholders are expected to own approximately 59.6% of ChiquitaFyffes, an increase from 50.7% under the previous agreement, and Fyffes shareholders are now expected to own approximately 40.4% of ChiquitaFyffes, on a fully diluted basis. The companies have also agreed to increase the termination fee payable to Fyffes from 1% to a more customary 3.5% of the total value of the issued share capital of Chiquita should the Combination be terminated under certain specified circumstances as detailed in the amended agreement. In addition, under the revised agreement, Fyffes will also have the right to terminate the Transaction Agreement if Chiquita shareholder approval is not obtained on or prior to October 24. In such event, Fyffes may be entitled to a termination fee if Chiquita enters into another transaction within nine months.
September 24, 2014
10:27 EDTCQBChiquita-Fyffes $526M merger to gain EU approval, Reuters says
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September 18, 2014
08:28 EDTCQBCutrale-Safra responds to Fyffes investor presentation to acquire Chiquita
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