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LEADERSHIP CHANGE ANNOUNCED AT THE NEW CHIQUITA










Chiquita acquisition complete, leadership changes



January 07, 2015





Cutrale-Safra has completed its acquisition of Chiquita. Additionally, there has been a leadership change: Brian Kocher, chief operating officer of Chiquita, has assumed the position of interim chief executive officer, succeeding Ed Lonergan. 



Rick Frier, executive vice president and chief financial officer, will be exiting the company as well.


"We are proud of the success of Chiquita's return to the core' strategic plan, thank Cutrale-Safra for their support in this transition, and wish them long term success with this great company and team,"
Lonergan said in a press release.




Cutrale-Safra, through Cavendish Acquisition Corporation, acquired more than 90 percent of the outstanding shares of common stock of Chiquita.



 All remaining shares of Chiquita common stock not tendered into the offer were cancelled and converted into the right to receive $14.50 per share, to the seller in cash, without interest and subject to any required withholding of taxes. 





 Shares of Chiquita common stock will no longer be listed on the New York Stock Exchange.


"We look forward to working with Chiquita to build the premier and most sustainable fresh produce platform in the industry,"
Cutrale-Safra said in a press release. 



"The expertise of the Cutrale Group, one of the world's most highly regarded agribusiness and juice companies, and the extensive global relationships of the Safra Group will be important strategic differentiators for Chiquita. We are confident this combination will benefit customers and consumers of the 'Chiquita' and 'Fresh Express' brands around the world."




Cutrale-Safra plans to focus with Chiquita on strengthening its businesses and brands, including Chiquita bananas and Fresh Express salads and snacks, and enabling further success in this very competitive environment through investments in the brands and operations.



 "We bring to Chiquita a history of successful investment in the agribusiness sector, a commitment to providing customers the highest quality products and best service levels, and a focus on delivering healthy products to consumers around the world," the release stated.





http://www.producenews.com/news-dep-menu/test-featured/14828-chiquita-acquisition-complete-new-leadership


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