Dole plc Announces Sale of Fresh Vegetables Division to Fresh Express; Carl McCann and Jose Luis Cutrale Jr. Comment


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Tue. January 31st, 2023 - by Jenna Plasterer

DUBLIN, IRELAND - A $293 million deal is in the works for Dole plc as the supplier has announced it has entered into a definitive agreement to sell Dole’s Fresh Vegetable Division to an affiliate of Fresh Express Incorporated, which is a wholly owned subsidiary of Chiquita Holdings Limited.

Carl McCann, Executive Chairman, Dole plc“We are pleased to announce the sale of our Fresh Vegetables Division. Combining with Fresh Express will improve the offering and service to customers and consumers through increased investments in innovation, efficiencies, and food safety,” said Carl McCann, Executive Chairman of Dole plc. “We would like to thank the dedicated employees of this business for their valuable contributions over the years. We believe the sale of this division will strengthen our financial position and increase the Group’s focus on and investments in our core activities.”

Dole’s Fresh Vegetables Division comprises operations related to the processing and sale of whole produce, including Iceberg, Romaine, and leaf lettuces; cauliflower; broccoli; celery; salads; meal kits, and more. According to a release, the division reported revenue of $1.28 billion for the financial year ended December 31, 2021.

Currently, the business has agricultural operations and four processing plants across the United States and employs over 3,000 people.

Dole plc has entered into a definitive agreement to sell Dole’s Fresh Vegetable Division to an affiliate of Fresh Express Incorporated, which is a wholly owned subsidiary of Chiquita Holdings Limited

“We are excited about the combination with Dole’s Fresh Vegetables Division. With this transaction, we want to combine our best practices across food safety, freshness of produce, mechanization, automation, and innovation to offer rapidly expanding choices of safer and healthier produce products to the consumer. This combination will ultimately help drive growth in the entire produce industry and support higher demand for our valued produce grower base in California, Arizona, Colorado, Florida, and across the entire USA,” commented Jose Luis Cutrale Jr., Chiquita Holdings’ Chairman. “The combination of both businesses, when consummated, will allow us to continue to create the best products under the Fresh Express umbrella. The anticipated cost savings from this combination will help partially mitigate the recent period of inflationary pressures experienced throughout the produce, food, and beverage sectors of the economy.”

The deal is subject to regulatory approval, and both companies anticipate that the transaction will close after approval is obtained. Net proceeds from the sale are currently expected to be used primarily for the debt reduction of Dole.

For more details about the sale, click here.

As more information about this deal becomes available, AndNowUKnow will report.

Dole plc