Dole Philippines Going Japanese

[Okieboy]

Dole Philippines going Japanese

By Edwin Espejo Sep 20, 2012 6:42AM UTC

4 Comments and 0 Reactions

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GENERAL SANTOS CITY – Dole Philippines Inc (Dolefil) has been sold to Itochu Corporation, a Japanese-owned global commodities trading company, as part of pineapple and food giant Dole Foods’ global streamlining and efforts to reduce its debt servicing.

The sale cost Itochu Corporation US$1.69 billion, according to reports.

Lawyer Rene Almero, counsel of Dolefil based in nearby Polomolok town in South Cotabato, confirmed the sale but declined to give more details adding its local management here is yet to be fully appraised by the development.

“We will get the whole picture within the month,” Almero said.

Almero however said Dole Foods sold 40 per cent of its shares owned by American billionaire David Murdock. The rest of the shares of Dole Foods, a publicly listed company, are owned by various stockholders.

Dole, originally owned by Castle and Cook before Murdock’s takeover, is the world’s largest producer and marketer of fresh fruits and vegetables.

Reports said Dole Foods is only selling its packaged-foods operations in the US and its Asian fresh fruit and vegetable businesses.

It will retain all its business interests in North America, Latin America, Europe and Africa.

The sale will reportedly save Dole Foods some US$50 million annually.

“We are realizing a premium valuation for our world-wide packaged foods and Asia fresh produce businesses and will retain a strong fresh produce business that has increased financial flexibility to grow,” said Dole Foods president and chief executive David DeLorenzo.

Dolefil operates more than 10,000 hectares of prime agricultural lands, mostly planted to pineapple, in Tupi and Polomolok towns of South Cotabato alone.

Aside from exporting fresh and canned pineapples Dolefil also produces asparagus canned fruit cocktails and juices.

Some 7,000 hectares of this area, formerly owned by the Nation al Deveploment Corporation, have been distributed to farmworkers under the Comprehensive Agrarian Reform Law. Dolefil has leased back the area from the cooperative of the agrarian reform beneficiaries.

It has more than 4,000 regular employees and over 1,500 contractual workers in its Polomolok operations, excluding its cardboard box operations in General Santos City.

Dolefil is also into the production of Cavendish bananas through subsidiary Stanfilco in several provinces in southern and central Mindanao.

The pineapple company is the biggest multinational corporation operating in south central Mindanao (Socskargen area). It began operations in Polomolok in 1965.

Among Dolefil’s list of original incorporators is Senate President Juan Ponce Enrile.

[i am bob]

Good thing you included "Philippines" in the title.... I thought you were talking about the American politician at first!

:mocking: