Dole Food Co. has completed the sale of its flowers business and certain Latin American banana properties.
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The company said yesterday (29 January) that the disposals marked the first phase of an asset sale programme designed to raise US$130m to pay down debt.
The world’s largest producer and marketer of fresh fruit and vegetables has also signed a definitive purchase and sale agreement to sell certain property in North America. When the sale closes towards the end of the first quarter of 2009, Dole will have received net cash proceeds of around $84m from the three transactions.
“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,” said David DeLorenzo, president and CEO of Dole.
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