Dole Up 10%; To Sell Its Fresh Vegetables Division To Reduce Debt

Shares of Dole plc (DOLE) are rising more than 10% Tuesday morning after the company announced its decision sell Dole’s Fresh Vegetables Division to an affiliate of Fresh Express Incorporated, a unit of Chiquita Holdings Limited, for about $293 million, to be paid in cash, subject to certain adjustments.

The company plans to reduce debt using the net proceeds from the offer.

“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,” Commenting on the transaction, Carl McCann, Executive Chairman of Dole plc
said.

DOLE is at $11.82. It has traded in the range of $7.20-$15.78 in the last 1 year.

Source: Read Full Article