DOLE, ITOCHU Sign Historical Deal

Dole Philippines, Inc. (Dolefil) is pleased to announce that Dole Food Company (NYSE: Dole) has reached an agreement with ITOCHU Corporation of Japan for the sale of Dole's Worldwide Packaged Foods and Asia Fresh businesses, including Dolefil. This acquisition is part of ITOCHU’s over-all strategy to expand its food business. 

The agreement was signed on September 17, 2012 in Dole’s Headquarters, Westlake Village, California, USA, with completion of the sale being subject to approval of Dole’s shareholders and customary regulatory approvals, after which the integration of the businesses will begin. 

David H. Murdock (right), Chairman of Dole Food Company, Inc. signs the definitive sales agreement of Dole's worldwide packaged foods and Dole Asia fresh businesses with Masahiro Okafuji (left), President & Chief Executive Officer of ITOCHU Corporation.

(Photo: Business Wire)

Itochu is known to be one of the biggest companies in the world with an expansive network in Asia, America, Europe, Africa and Oceania, with businesses in textile, machinery, metals/minerals, energy and chemicals, food, ICT and realty, among others. In fact, Dole has a long history of business relationship with Itochu which encompasses trading, logistics and distribution of our product lines in Japan and other countries. “With this long partnership and synergies, there perhaps could not have been a better company to acquire Dolefil than Itochu. Both Dole and Itochu are large organizations with talented people who espouse strong business ethics. Moreover, our alignment with Itochu positions us for growth especially in Asia,” said Simon Denye, Dolefil’s VP and Managing Director. 

“This deal is part of business realities and is not unusual. The agreement calls for Itochu to acquire the Dole operations as an ongoing business,” Denye added. 

Employees and business partners of Dolefil gathered at the Dolefil Gymnasium yesterday in a Special Business Meeting on the said deal to address concerns from the employee unions and community, and enjoin everyone to embrace the change as a positive development. Denye further stated, “We welcome this development as part of the transformation of our organization, confident that it will usher in an exciting new future for Dolefil, especially as we celebrate our 50th Foundation Anniversary in 2013.” (September 20, 2012 | POLOMOLOK, SOUTH COTABATO)