Irish fruit company Total Produce is planning to acquire a 45% stake in US food firm Dole Food Company in a reported $300 million (€242 million) deal.
The fresh produce company said it was a significant step in its history, bringing together two global brands and creating the world’s leading fruit and vegetable group, reports The Irish Times.
Total Produce is reportedly buying the stake from David Murdock, who will stay on as chairman of the agricultural multinational corporation.
“We are delighted to have signed an agreement with Dole, long held in the highest regard as one of the world’s best fresh produce companies, with iconic brands dating back to 1851,” Carl McCann, vice chairman Total Produce said in a statement.
“I believe that this investment by Total Produce in Dole is the single most positive step in our company’s history. It places Total Produce at the forefront of our industry, and we anticipate it will create significant additional value for shareholders in the years ahead.”
Headquartered in Westlake Village, California, Dole is one of the largest producer of fruit and vegetables in the world, over 300 products in 90 countries.
The Fresh Connection
Last November, Total Produce purchased a 50% stake in US firm, The Fresh Connection.
The Californian based fresh fruit company is one of North America's premier produce export companies with reported sales in 2016 of approximately $165 million.
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