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Dole plans sale of packaged foods business

Fruit and vegetable company in the US Dole Food has announced plans to sell or spin-off of its packaged foods segment to its current stockholders, as part of the company's current strategic review.

The company is also considering a possible separation of the worldwide packaged foods business that would combine with its Asian operations to form an Asia-based company either through a joint venture or initial public offering.

Dole said it is in talks with third parties who have expressed interest in select businesses and has hired Deutsche Bank Securities and Wells Fargo Securities to assist it in the review.

Dole president and CEO David DeLorenzo said as part of the review of its businesses, the company is continuing to look at a wide variety of potential alternatives.

"This review continues to be a company priority in our efforts to enhance shareholder value," DeLorenzo added.

The company is considering alternatives including a full or partial separation of one or more of the businesses through a spin-off or other capital markets transaction, as well as joint venture and sale options and hopes to secure one or more of the possible transactions by the end of 2012.