Chiquita Brands sees fourth-quarter restructuring charge of $25 million |
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Published
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Mon, 29 Oct 2007 14:10
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NEW YORK (Thomson Financial) - Chiquita Brands International Inc. Monday said it sees a fourth-quarter charge of $25 million from severance costs and asset write-downs because of a business restructuring plan.The company sees annual savings of $60 million to $80 million from the restructuring.The Cincinnati-based produce company expects to cut 160 managerial positions, a 21% work force reduction at its three highest levels.Chiquita said it would use the savings to reduce debt and meet its debt-to-capital ratio of 40%.Shares of Chiquita closed Friday at $17.01.Ryan Vlastelicarv/pcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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