Dive Summary:

• Dole has finally completed the sale of its worldwide packaged foods and Asian fresh foods businesses to Itochu Corporation for $1.685 billion.
• The company is left with two business tracks: fresh fruit and fresh vegetables, which it hopes it can begin focusing on anew.
• The sale has allowed Dole to pay off its many debts and tax issues in several countries, while Itochu becomes one of the biggest food producers in Asia. 

From the article:

Dole has put in place a new capital structure which, together with the proceeds from the sale transaction, was used to pay off Dole’s existing indebtedness of approximately $1.7bn, to pay transaction-related taxes, costs and expenses, and to pay for the extinguishment of all of its long-term Japanese yen hedges and the European Commission’s fine of €45.6m and provides funding for the anticipated right-sizing of the new Dole and other post-closing restructuring expenses, and the possible resolution of the previously disclosed Honduras tax case and the DBCP cases.