Dole Food Co to cut debt levels with US$1.7 billion Itochu deal

Dole Food Company Inc will sell two businesses to Itochu Corp for US$1.7 billion in cash - a deal that will help the world’s largest fruit and vegetable producer pay down its heavy debt load while expanding Itochu’s food presence in new markets such as China.

Dole has been struggling with volatile demand and low prices for bananas, its biggest-selling product. The sale of its worldwide packaged foods and Asia fresh produce businesses is set to result in a significant reduction in its US$1.7 billion of net debt, as well as pay for restructuring costs.

via Business feed http://www.scmp.com/business/companies/article/1039858/dole-food-co-cut-debt-levels-us17-billion-itochu-deal