DOLE FOOD COMPANY, INC. ANNOUNCES COMPLETION OF SALE OF JP FRESH AND DOLE FRANCE TO COMPAGNIE FRUITIERE
WESTLAKE VILLAGE, California - November 03, 2008
Dole Food Company, Inc. announces completion of the sale of Dole ripening and distribution businesses in England (JP Fresh) and in France (Dole France) to the Compagnie FruitiÃ¨re Group, in which Dole holds a non-controlling 40% stake. The Fabre family is the controlling stakeholder with 60%.
As previously announced on September 23, 2008, Dole had signed a definitive purchase and sale agreement to sell JP Fresh and Dole France to Compagnie FruitiÃ¨re. The transaction received clearance from the French antitrust authorities and has now been completed.
'This transaction will allow Dole and Compagnie FruitiÃ¨re to better serve our European markets, by providing our customers with an extended range of product origins and a more integrated sales policy," said Jean-Christophe Juilliard, Dole Europe's President.
Dole, with 2007 net revenues of $6.93 billion, is the world's largest producer and marketer of high-quality fresh fruit and fresh vegetables, and is the leading producer of organic bananas. 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," "anticipates" 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; energy supply 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.