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BUNGE LTD : Costs Associated with Exit or Disposal Activities, Other Events (form 8-K)

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08/13/2019 | 04:43pm EDT

Item 2.05 Costs Associated with Exit or Disposal Activities On August 13, 2019, Bunge Limited ("Bunge" or the "Company") announced that it plans to relocate its global headquarters to the St. Louis, Missouri metropolitan area from its current headquarters location in White Plains, New York. The move, which is expected to be completed by no later than June 30, 2020, will combine the location of the Company's global headquarters with its existing North American headquarters to leverage shared capabilities and enhance collaboration.

The Company currently expects to record pre-tax restructuring charges associated with this plan in the range of approximately $35 million to $45 million, with most of these costs expected to be recorded in fiscal year 2019. The restructuring charges are primarily expected to consist of $13 million to $23 million of cash severance, benefits, employee retention and other relocation costs, as well as approximately $22 million in facility exit costs, including non-cash impairment charges of $9 million related to leasehold improvement assets and $11 million related to right of use assets associated with our remaining cash lease obligations.

Item 8.01 Other Events Bunge Limited issued a press release announcing the headquarters relocation on August 13, 2019, a copy of which is attached as Exhibit 99.1 and incorporated by reference herein.

Note on Forward-Looking Statements

The amounts described in this Current Report on Form 8-K represent the Company's
current best estimate of the range of anticipated costs to be incurred in
connection with the global headquarters relocation. Additional costs may be
recognized as additional actions are adopted and implemented. The statements
contained herein, including those relating to our expectations regarding the
expected costs related to the relocation and its expected timing, are or may be
deemed to be forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are not based on
historical facts, but rather reflect our current expectations and projections
regarding these matters. We have tried to identify these forward-looking
statements by using words including "may," "will," "should," "could," "expect,"
"anticipate," "believe," "plan," "intend," "estimate," "continue" and similar
expressions. These forward-looking statements include, among others, statements
regarding the plan and related reductions in workforce, the aggregate charges
for costs associated with the plan and the timing to recognize these charges.
These forward-looking statements are subject to a number of risks, uncertainties
and other factors that could cause our actual results, performance, prospects or
opportunities to differ materially from those expressed in, or implied by, these
forward-looking statements. The following important factors, among others, could
cause actual results to differ from these forward-looking statements: delays in
and unanticipated costs associated with the relocation; loss of employee talent;
potential business disruption; industry conditions, including fluctuations in
supply, demand and prices for our products; competitive developments; the
effects of weather conditions; global and regional agricultural, economic,
financial and commodities market, political, social and health conditions; the
outcome of pending regulatory and legal proceedings; changes in government
policies, laws and regulations affecting our industry, including agricultural
and trade policies, tax regulations and biofuels legislation; and other factors
affecting Bunge's business generally as described in Bunge's periodic SEC
filings. The forward-looking statements included in this release are made only
as of the date of this release, and except as otherwise required by federal
securities law, we do not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or circumstances.
Item 9.01  Financial Statements and Exhibits.
(d)  Exhibits.
Exhibit  Description
  99.1   Press Release issued on August 13, 2019.


© Edgar Online, source Glimpses

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