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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 18, 2014
08:28 EDTCQBCutrale-Safra responds to Fyffes investor presentation to acquire Chiquita
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September 16, 2014
08:08 EDTCQBChiquita Brands, Fyffes working to obtain Phase I clearance from EC by Oct. 3
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September 10, 2014
09:37 EDTCQBChiquita Brands signs confidentiality agreement with Cutrale/Safra
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September 8, 2014
07:07 EDTCQBChiquita Brands provides update to holders
Chiquita Brands announced that it has postponed the Special Meeting of Shareholders to vote on the proposed transaction with Fyffes to October 3. The meeting had been scheduled for September 17. In addition, Fyffes proposes to seek adjournments of the Court Meeting and EGM convened for September 17 and, subject to any direction of the Irish High Court, to reconvene such meetings for October 3. The company also announced Fyffes has granted Chiquita a waiver that permits Chiquita to engage in discussions with the Cutrale Group and the Safra Group. Accordingly, Chiquita has sent a letter to Cutrale / Safra indicating its willingness to offer to Cutrale / Safra the opportunity to conduct focused due diligence and present its final and best offer. Chiquita does not expect to update the market with any further information unless and until the Board has reached a decision on a definitive course of action. In the interim, Chiquita continues to recommend that its shareholders vote "FOR" the Fyffes transaction and the other proposals on the WHITE proxy card.
September 5, 2014
12:52 EDTCQBChiquita Brands 'disappointed' with reports issed by proxy advisory firms
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