Total Produce buys Dole Food’s 45 percent stake for $300 million (i.e. (€242 million) with intent to continue its extension strategy.
Being one of the giant fresh produce companies in the world, Dole Food Company has made a crucial move of its history to bring two global brands together and form the world’s most prominent group of producing, distributing and marketing fresh vegetables and fruit.
In October 2017, Dole’s revenues and earnings were just around $4.5 billion and $237 million respectively. The company also serves many food services and wholesale customers across the globe.
Total Produce PLC has disclosed about its deal of buying 45 per cent stake in Dole Food from David Murdock, Dole’s Chairman. However, he will remain the chairperson of the company along with Carl McCann, Total Produce’s chairman as a vice chairman. The entire operation of the business would be controlled by Dole management team, as reported by Total Produce.
Carl McCann stated that, “We are delighted to have signed an agreement with Dole, long held in the highest regard as one of the world’s best fresh produce companies, with iconic brands dating back to 1851. I believe that this investment by Total Produce in Dole is the single most positive step in our company’s history. It places Total Produce PLC at the forefront of our industry, and we anticipate it will create significant additional value for shareholders in the years ahead.”