Japan-based Itochu Corporation has signed an agreement with the Dole Food Company to acquire its fresh produce and packaged foods business.
The transaction will be completed after getting an approval from the competition authorities in the relevant countries and after completing other terms and conditions mentioned in the agreement. Financial details of the transaction has, however, not been divulged.
Following the completion of the acquisition, Itochu will develop and operate new products and businesses using the Dole brand along with the sales expansion of existing products of Dole using its distribution network.
Established in 1851, Dole presently operates a fresh produce business that produces bananas and pineapples and a packaged food business that produces packaged fruits and vegetables in over 90 countries worldwide, including North America, South America, Asia and Europe.
Dole also owns farms, transportation facilities such as refrigerated container vessels and other assets such as ripening, processing and shipping facilities.
Itochu has been a business partner of Dole in Japan over the last five decades.