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Dole Food's Acquisition Plan by Japanese Company Itochu

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Core Tip: Japanese trading company Itochu is in talks to acquire Dole Food’s global canned-fruit and juice-beverage processing opera

Japanese trading company Itochu is in talks to acquire Dole Food’s global canned-fruit and juice-beverage processing operations, as well as its packaged foods and Asian fruit and vegetable businesses.

Dole Food, a distributor of fresh fruits and vegetables, intends to sell the units under its previously announced strategic review.

While reporting its first-quarter financial results in May 2012, Dole Food announced that it may completely or partially part with one or more business units to enhance shareholder value.

The US-based firm said that it is in discussions with several other parties regarding these assets and others.

According to Nikkei business daily, Itochu is set to buy Dole Food's assets for an estimated $1.7bn.

Itochu plans to leverage China's Ting Hsin Group's sales network and processing facilities and Japan's convenience store chain FamilyMart to increase sales of fruits, beverages and other products in Asia and other regions following the transaction.

The company is also exploring the sale of Japanese grown fruit and vegetables worldwide under the Dole brand.

Dole Food reported 4.8% increase in fiscal 2011 sales to $7.22bn, with processing operations and Asian fruit and vegetable business accounting for around 40% of the total sales.

Dole's Asian fruit and vegetable segment consists of large farms in the Philippines and other countries, producing bananas and pineapples.

 

 

 
 
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