Dole Food Company, Inc. (“Dole”) (NYSE: DOLE) today announced that ITOCHU Corporation (“ITOCHU”) and Dole received unconditional approval from the Chinese Ministry of Commerce to implement the sale of Dole’s worldwide packaged foods and Asia fresh produce business to ITOCHU.
“The Ministry of Commerce of the People’s Republic of China officially approved our antitrust filing, with no conditions or requirements, in a decision dated January 21, 2013,” said C. Michael Carter, Dole’s Executive Vice President and General Counsel. “We are grateful to the case team of China’s Anti-monopoly Bureau of MOFCOM for their professionalism and commitment to the timely review of our transaction with ITOCHU. We have now received all seven required regulatory approvals, and Dole expects to complete the sale within the next 30 days.”
Dole also announced fiscal year 2012 results for the two lines of fresh produce business that will remain with the new Dole following the consummation of the sale transaction: fresh fruit and fresh vegetables. The historical results of the Dole worldwide packaged foods and Asia fresh business being sold to ITOCHU are classified as discontinued operations.
Selected Financial Results from Continuing Operations (the two lines of fresh produce business remaining with the new Dole)
December 29, 2012
December 31, 2011
|Income from continuing operations before income taxes and equity earnings||5.9||95.1|