Dole Food Company, a North American manufacturer, marketer, and distributor of fruit and snacks, and Irish Total Produce, a fresh produce firm, have entered into a binding transaction agreement to combine under common ownership.
The transaction aims to simplify the existing structure between the two companies by enabling operational integration and allowing synergies across the enlarged business, thus creating a new world giant specialised in the commercialisation of fresh products.
With estimated combined 2020 revenue of approximately $9.7 billion and total assets of approximately $4.5 billion, the newly created business will be listed on the US stock exchange and will have its headquarters in Dublin, Ireland. Their management teams are set to continue to operate the combined business.
“I am delighted with this transaction, which combines two highly complementary premium businesses to create the global leader in fresh produce”, said Carl McCann, chairman of Total Produce. “I am confident the combined business will open new avenues of value creation for shareholders and pursue innovation in healthy nutrition for our customers worldwide”.
Source: Total Produce