Dive Summary:
- The Dole Food Company has finalized the sale of its packaged foods and Asian produce divisions to Itochu, a Japanese food manufacturer, for $1.685 billion.
- Itochu has already given Dole $200 million as a sort of down payment which Dole would have kept if the deal floundered.
- Senior management from Dole is expected to join Itochu for both the transition and beyond as the leaderships of the two companies look towards the future.
From the article:
Itochu paid Dole a non-refundable cash deposit of $200m to be applied toward the purchase price, and the parties agreed that, with limited exceptions, the deposit will be forfeited and retained by Dole if the closing does not occur by 1 April.
