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CQB > SEC Filings for CQB > Form 8-K on 29-Nov-2011All Recent SEC Filings




Costs Associated with Exit or Disposal Activities, Financial St

Item 2.05. Costs Associated With Exit or Disposal Activities.

Chiquita Brands International, Inc. (the "Company") announced on November 29, 2011 that its Board of Directors has authorized on November 28, 2011 the relocation of the Company's corporate headquarters from Cincinnati, Ohio to Charlotte, North Carolina. The Company also announced that it will consolidate its corporate functions in Charlotte by transferring employees from other existing non-headquarters locations. The relocation is expected to be complete by the end of 2012.

Total relocation costs are anticipated to be in the range of $30 to $35 million, including approximately $25 to $30 million in employee relocation and severance/outplacement benefits, with the remainder attributable primarily to transitional staffing and facility relocation costs. The allocation between relocation benefits and severance/outplacement benefits will depend on employee choice. Substantially all of these costs are expected to be cash costs; one-time termination benefits will be expensed over the requisite service periods and paid when the employees have completed their required service, and the relocation, recruiting and other costs will be expensed and paid as incurred.

The Company expects to benefit, over a ten-year period, from local, county and state incentives anticipated to total approximately $24 million, plus annualized operating cost savings of approximately $4 million. The Company will provide updated information regarding the estimated charges at a later date as permitted by SEC rules. The plan of relocation is contingent upon receipt of executed incentives documentation from the State of North Carolina, which is anticipated in the ordinary course.

Additional information regarding the Company's headquarters relocation is set forth in our press release dated November 29, 2011, a copy of which is filed as exhibit 99.1 hereto and is incorporated by this reference.

Forward Looking Statements. This Item 2.05 contains certain statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Any forward-looking statements made in this Item 2.05 and the attached press release speak as of the date made and are not guarantees of future performance or amounts. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and, except as may be required by law, the Company undertakes no obligation to update any such statements.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated November 29, 2011

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