Dole

US fresh produce giant Dole Food Company has reported good progress in its bid to sell off assets to aid debt reduction, after a major sale in the first quarter of the year boosted net cash proceeds from yearly asset transactions to around US$300m.

The group said that it had completed the sale of 'certain retail estate' in California, and had subsequently received net cash proceeds of US$83m in the quarter ended 28 March.

As a result of the asset sales and improved cash flow from operations, Dole said that it had reduced its total debt to approximately US$2.11bn as of the end of the quarter, down 15 per cent from US$2.48bn in the corresponding period in 2008.

'Dole is pleased to be moving forward with debt reduction and asset sales, continuing to execute on our previously announced plans to sell assets and reduce our debt, said group president and CEO David DeLorenzo.