- Dole ( NYSE: DOLE ) has agreed to sell its fresh vegetables division to an affiliate of Fresh Express for approximately $293M in cash.
- The transaction is subject to regulatory approval. Net proceeds from the sale are currently expected to be used primarily for debt reduction of Dole.
- Commenting on the deal, Carl McCann, executive chairman of Dole, said: "We believe the sale of this division will strengthen our financial position and increase the group's focus on and investments in our core activities."
- The Fresh Vegetables Division comprises operations related to the processing and sale of whole produce, with four processing plants across the U.S. The business reported revenue of $1.28B in the year ended Dec. 31, 2021.
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Dole sells fresh vegetables division for $293M in cash