TOKYO (AP) â¿¿ Japanese trading company Itochu Corp. said Tuesday it has agreed to buy Dole Food Co.'s worldwide packaged foods and Asia fresh produce businesses for $1.7 billion.
Dole's packaged foods business includes products ranging from canned and frozen fruit to bagged salads â¿¿ product lines that fit with Itochu's ambitions to become the biggest food distributor in the increasingly affluent Asian market.
Westlake Village, California-based Dole had earlier said it was in "advanced negotiations" to sell those parts of its business to Itochu or another party following a strategic review of its operations.
Itochu, founded more than 150 years ago, is one of five huge Japanese trading houses whose reach extends into practically every industry, from mining and oil to consumer goods and foods.While many Japanese corporations have floundered through years of economic malaise, the trading houses remain powerful. They have been among the most active in an acquisitions drive by big Japanese companies, including a $3.6 billion purchase, announced in May, of Nebraska-based grains company Gavilon Holdings LLC by Marubeni Corp., another trading house.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV