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Dole sale to close April 1

By Erika Engle

LAST UPDATED: 7:24 a.m. HST, Feb 22, 2013

The sale of Dole Food Co. Inc.’s worldwide packaged foods and Asia fresh produce businesses to Japan-based ITOCHU Corp. will be completed April 1.

ITOCHU requested an extension of the closing date of the previously announced, $1.685 billion sale and today paid Dole a non-refundable cash deposit of $200 million toward the purchase price.

The deposit will be forfeited and retained by Dole, should the closing not occur by April 1.

As part of the extension agreement, Dole President and CEO David DeLorenzo will assume a full-time position leading the management team of the businesses ITOCHU is acquiring, and will join ITOCHU as leader of the businesses after closing. He will remain on Dole’s board of directors following the sale.

David Murdock now returns to the role of Dole chairman and CEO.

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