<p><strong>Westlake Village, CA</strong><hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">Dole Food Company, Inc. reports that it has signed an agreement to sell its worldwide packaged foods and Asia fresh produce businesses to ITOCHU Corporation for $1.685 billion in cash. According to a press release, the company expects the transaction to be completed in the fourth quarter of 2012. The agreement also states that ITOCHU will have exclusive rights to the DOLE® trademark on packaged products anywhere in the world and on fresh fruits and vegetables in Asia, Australia, and New Zealand.<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">Dole Worldwide Packaged Foods specializes in the production of canned pineapple, canned pineapple juice, fruit juice concentrate, fruit in plastic cups, jars and pouches, fruit parfaits, healthy snack foods, and frozen fruit. Dole Asia Fresh Produce is a grower, shipper, and distributor of fresh produce primarily in Asia. According to a press release, these businesses brought in combined revenue of $2.5 billion in 2011. David A. DeLorenzo, Dole’s President and CEO, states, “When we announced our strategic business review in May, we stated that we would review a broad range of strategic alternatives for our businesses with the goal of enhancing shareholder value.” He continues, “We believe this proposed transaction accomplishes that. We are realizing a premium valuation for our worldwide packaged foods and Asia fresh produce businesses and will retain a strong fresh produce business that has increased financial flexibility to grow.”<hr class="legacyRuler"><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">Dole Food Company will retain its North American fresh vegetable business and its fresh fruit businesses in North America, Latin America, Europe, and Africa. The transaction will be used by Dole to reduce its debts, pay related expenses, and to be applied to restructuring and other corporate efforts. David H. Murdock, Dole’s Chairman, states, “The consummation of this transaction will result in a more focused Dole that retains significant scale with more than $4 billion in revenue and a rich asset base.” He adds, “With a substantial reduction in debt and the expected cost savings, Dole will also be well positioned to take advantage of growth opportunities within the fresh produce category.”</p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding"><p><a class="btn btn-sm btn-primary col-lg-12" style="white-space: normal;" href="http://www.dole.com/" target="_new"> Dole Food Company, Inc. </a></p><hr class="legacyRuler"><hr class="invisible minimal-padding"><hr class="invisible minimal-padding">
