April 28, 2005

Chiquita Announces Delay in Fresh Express Acquisition

Chiquita Brands International announced April 25 that its $855 million acquisition of the Fresh Express unit of Performance Food Group may be delayed because of legal issues involving some of Chiquita’s employees.

The company had expected the closing would occur around the end of April. It now targets a second-quarter closing, in accordance with its Feb. 23 announcement of the transaction.

”Additional time is likely to be required by the company and its financial institutions to review and evaluate certain legal matters affecting Chiquita and any impact they may have on the financing for the transaction,” according to the April 25 company announcement. “These matters involve conduct of certain Chiquita employees that recently came to the attention of the company’s management.”

The company expects to provide additional information concerning these matters by the time of its next quarterly report, which will be filed with the Securities and Exchange Commission by May 10.

For more information, visit http://www.chiquita.com.




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