Dole Food Company president and chief operating officer, Michael Carter, said the US-based group would continue to be a key player in the global fruit and produce industry, despite offloading its worldwide packaged foods and Asian fresh businesses to Japanese trading house Itochu Corporation.
The US$1.68bn deal was finalised earlier this week, giving Itochu exclusive rights to use the Dole brand on certain packaged food products and fresh produce in Asia, Australia and New Zealand.
“Dole will remain an industry leader in the sourcing, distribution and marketing of bananas, pineapples and other tropical and deciduous fruits, packaged salads, fresh-packed vegetables and fresh berries,” Carter said.
“We are excited and very optimistic about the long-term future of the new Dole and its prospects.”
Itochu revealed the buyout plan last September and had planned to complete the deal by the end of last year, only to be delayed by Chinese government approval.
Dole chairman and CEO David Murdock said the packaged foods and Asia fresh divisions represented approximately 34 per cent of the company’s revenue and 56 per cent of its operating income for the 2011 fiscal year.
The proceeds from the sale will be used to pay off Dole’s existing debts of approximately US$1.7bn.
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