DOLE FOOD COMPANY, INC. ANNOUNCES ACCEPTANCE OF DOLE’S OFFER TO PURCHASE A MAJORITY INTEREST IN JP FRUIT DISTRIBUTORS LTD.
WESTLAKE VILLAGE, California - October 03, 2006
Dole Food Company, Inc. today announced that Jamaica Producers Group Ltd. ("JPG") has accepted Dole's offer to purchase from JPG the 65% of JP Fruit Distributors Ltd. ("JPFD") that Dole does not already own for $41,900,000 in cash. Certain aspects of the transaction are being discussed with JPG. Dole previously had announced that it had initiated a contractual buy-sell process with JPG. JPFD imports and sells fresh produce in the United Kingdom. Dole is considering expressions of interest by potential partners with respect to the ownership and operation of JPFD.
Dole Food Company, Inc., with 2005 revenues of $5.9 billion, is the world's largest producer and marketer of high-quality fresh fruit, fresh vegetables and fresh-cut flowers. Dole markets a growing line of packaged and frozen foods and is a produce industry leader in nutrition education and research.
This release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Forward looking statements, which are based on management's current expectations, are generally identifiable by the use of terms such as "may," "will," "expects," "believes," "intends" and similar expressions. The potential risks and uncertainties that could cause actual results to differ materially from those expressed or implied herein include weather-related phenomena; market responses to industry volume pressures; product and raw materials supplies and pricing; changes in interest and currency exchange rates; economic crises and security risks in developing countries; international conflict; and quotas, tariffs and other governmental actions. Further information on the factors that could affect Dole's financial results is included in its SEC filings, including its Annual Report on Form 10-K.