Dole

Dole Food Co has finalised sales on most of its flower division and some banana properties in South America, leaving only some residual real estate to sell to hit its US$130m target.

The US-based food giant announced it would sell the properties late last year to raise the US$130m to pay down debt and reinvest in the company, reported the Associated Press.

It announced on Thursday it had sold the majority, and when the sales finalise towards the end of the first quarter this year Dole will have US$84m in proceeds.

“Dole is pleased to be moving forward with these asset sale transactions, continuing to execute on our previously announced plan to sell assets to reduce our debt,” Chief Executive David A DeLorenzo said in a statement.

The company’s net revenue in 2007 was US$6.93bn.