DOLE FOOD COMPANY, INC. ANNOUNCES COMPLETION OF PURCHASE OF JP FRUIT DISTRIBUTORS LTD.
WESTLAKE VILLAGE, California - October 17, 2006
Dole Food Company, Inc. today announced the completion of Dole's purchase from Jamaica Producers Group Ltd. of the 65% of JP Fruit Distributors Ltd. ("JPFD") that Dole does not already own for $41,900,000 in cash. JPFD imports and sells fresh produce in the United Kingdom.
Benoit Galland, President of Dole Europe, said "This acquisition permits Dole to strengthen its penetration of the vital market for fresh produce in the United Kingdom and the Republic of Ireland, a market that traditionally values quality. As we grow this business, Dole's tradition of top quality produce and exceptional service will complement JPFD's reputation for quality and service to its customers. We will work with our customers throughout Europe to develop the geographical synergies arising from this widening of the existing Dole network in Europe. We are pleased to welcome the JPFD team to Dole."
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.