Dole Foods completes sale of worldwide packaged foods and Asia fresh business

Dole Food Company, Inc. completed the sale of its worldwide packaged foods and Asia fresh businesses to ITOCHU Corporation for $1.685 billion cash. The sale includes a significant portion of Dole’s assets and operations, including exclusive rights to the Dole brand name on certain packaged foods products worldwide and fresh produce in Asia, Australia and New Zealand. Dole will pursue a smaller footprint as a commodity produce company with revenue around $4.2 billion. C. Michael Carter, Dole’s president and chief operating officer, expects the company to remain an industry leader in sourcing, distributing and marketing bananas, pineapples and other tropical fruits.