-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, K8zAQnmbVk+5AsPDa8jaYZ46Hov+cW1vApJQ6eajlB5lHR+fG8ADOGd6RwC5sAfk 9uN8rc3XCfg2FKgEL8YKpQ== 0000088948-03-000005.txt : 20030307 0000088948-03-000005.hdr.sgml : 20030307 20030307170532 ACCESSION NUMBER: 0000088948-03-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030307 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030307 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SENECA FOODS CORP /NY/ CENTRAL INDEX KEY: 0000088948 STANDARD INDUSTRIAL CLASSIFICATION: CANNED, FRUITS, VEG & PRESERVES, JAMS & JELLIES [2033] IRS NUMBER: 160733425 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-01989 FILM NUMBER: 03596703 BUSINESS ADDRESS: STREET 1: 3736 SOUTH MAIN STREET CITY: MARION STATE: NY ZIP: 14534 BUSINESS PHONE: 315 926 8100 MAIL ADDRESS: STREET 1: 3736 SOUTH MAIN STREET CITY: MARION STATE: NY ZIP: 14505 FORMER COMPANY: FORMER CONFORMED NAME: SENECA FOODS CORP DATE OF NAME CHANGE: 19780425 FORMER COMPANY: FORMER CONFORMED NAME: SENECA GRAPE JUICE CORP DATE OF NAME CHANGE: 19710419 FORMER COMPANY: FORMER CONFORMED NAME: PIERCE S S COMPANY INC DATE OF NAME CHANGE: 19861210 8-K 1 a8kcpf.txt CPF 8-K DEFINITIVE AGREEMENT PRESS RELEASE SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 Form 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) March 7, 2003 (March 6, 2003) Seneca Foods Corporation ------------------------ (Exact name of registrant as specified in its charter) New York 0-1989 16-0733425 -------- ------ ---------- (State or other jurisdiction of (Commission (I. R. S. Employer incorporation or organization) File Number) Identification No.) 3736 South Main Street, Marion, New York 14505 ---------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code 315/926-8100 ------------ Not Applicable -------------- Former name, former address and former fiscal year, if changed since last report Form 8-K Seneca Foods Corporation Item 7. Financial Statements and Exhibits The Press Release announcing that a definitive agreement was signed with Chiquita Brands International, Inc. to buy its vegetable canning subsidiary Chiquita Processed Foods, L.L.C. is attached hereto as Exhibit 20 with respect to Item 9. Item 9. Regulation FD Disclosure On March 6, 2003, the announcement was made (Exhibit 20 hereto) that the Registrant entered into a definitive agreement to buy Chiquita Processed Foods, L.L.C., the vegetable canning subsidiary of Chiquita Brands International, Inc. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Seneca Foods Corporation (Registrant) /s/Kraig H. Kayser ----------------------- March 7, 2003 Kraig H. Kayser President and Chief Executive Officer EX-20 2 ex208kcpf.txt CPF 8-K Exhibit 20 Contacts: News Media: Michael Mitchell, 513-784-8959, mmitchell@chiquita.com Investors: James Riley, 513-784-6307, jriley@chiquita.com, or Monique Wise, 513-784-8935, mwise@chiquita.com CHIQUITA BRANDS INTERNATIONAL TO SELL PROCESSED FOODS SUBSIDIARY Chiquita Sharpens Strategic Focus on Core Business and Reduces Debt CINCINNATI - March 6, 2003 - Chiquita Brands International, Inc. (NYSE: CQB) and Seneca Foods Corp. (NASDAQ: SENEA; SENEB) announced today that they have signed a definitive agreement for Chiquita to sell all of the equity interests in its vegetable canning subsidiary, Chiquita Processed Foods, L.L.C. (CPF), to Seneca for approximately $125 million in cash and stock, plus the assumption of debt. Separately, Seneca announced that it has signed a memorandum of understanding for Lakeside Foods, Inc. to purchase four CPF facilities in the Midwest from Seneca. "The sale of CPF will be a major milestone in the strategic plan announced to investors in September 2002," said Cyrus Freidheim, Chiquita's chairman and chief executive officer. "This transaction will allow us to significantly reduce our debt and to sharpen our focus on delivering the cost savings and operational improvements we have targeted in our core fresh produce business." The purchase price paid to Chiquita will consist of $110 million 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, which closed on the NASDAQ at $16.47 per share on March 6, 2003. Seneca will also assume CPF's debt, which amounted to $81 million at Dec. 31, 2002. Chiquita will use the cash proceeds primarily to reduce debt. The transaction is subject to certain conditions, including regulatory approval. - more - Chiquita Brands International Sale of Chiquita Processed Foods Page 2 of 2 Chiquita Processed Foods, which operates 12 U.S. processing plants in the upper Midwest and West, had sales and operating income of $404 million and $8 million, respectively, in 2002 and $417 million and $9 million, respectively, in 2001. CPF grew out of a series of five acquisitions the company completed from 1992 to 1999. Chiquita anticipates that it will realize a gain of approximately $10 million on the transaction. Under its memorandum of understanding with Seneca, Lakeside will purchase from Seneca certain of the CPF assets acquired from Chiquita, including plants in New Richmond and Eden, Wis., and Owatonna, Minn. Lakeside will also acquire a CPF distribution center in Poynette, Wis., and CPF's share of a sauerkraut joint venture plant at the same location. "Seneca is pleased with its proposed acquisition, given our strategy of focusing on canned foods processing," said Kraig Kayser, Seneca's president and chief executive officer. "This acquisition will make us more efficient and better able to serve our customers. In addition, we intend to keep open four facilities that CPF had announced it was closing." Douglas Quick, Lakeside's president and chief executive officer, said, "We are pleased with the opportunity that our proposed asset purchase provides us to serve the rapidly changing retail and food service industry. It will be good for current and future Lakeside customers." Chiquita Brands International is a leading international marketer, producer and distributor of high-quality fresh and processed foods. The company's Chiquita Fresh division is one of the largest banana producers in the world and a major supplier of bananas in North America and Europe. Sold primarily under the premium Chiquita(R) brand, the company also distributes and markets a variety of other fresh fruits and vegetables. Additional information is available at www.chiquita.com. # # # -----END PRIVACY-ENHANCED MESSAGE-----