Dole To Sell Fresh Vegetables Division To Fresh Express For $293 Mln Cash

Dole plc (DOLE) on Tuesday announced that certain of its subsidiaries have entered into a definitive agreement to sell Dole's Fresh Vegetables Division to an affiliate of Fresh Express Incorporated, a unit of Chiquita Holdings Limited, for about $293 million in cash.

Net proceeds from the sale are currently expected to be used primarily for debt reduction of Dole.

For the fiscal ended December 31, 2021, the Fresh Vegetables Division reported revenue of $1.28 billion. The business has agricultural operations and four processing plants across the United States and employs more than 3,000 people.

Shares of Dole closed Monday's trading at $10.70, up $0.05 or 0.47 percent from the previous close.

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