US food company Chiquita Brands International has completed the previously announced sale of its vegetable canning subsidiary, Chiquita Processed Foods, to Vegetable processor Seneca Foods Corporation.
The purchase price paid to Chiquita was US$110m 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.
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Seneca also assumed Chiquita Processed Foods’ debt, which was $88m at 31 March 2003. Chiquita will use the sale proceeds primarily to reduce debt.
