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News Breaks
February 22, 2013
09:25 EDTDOLEDole Food sees adjusted EBITDA for remaining businesses at low end of range
Dole previously announcedFY12 results for the two lines of fresh produce business that will remain with the new Dole following the consummation of the sale transaction. Fresh fruit performance is continuing its declining trend, principally due to banana market conditions, and Dole expects that 2013 adjusted EBITDA for these businesses will be at the low end of the previously announced guidance range of $150M-$170M, with income from continuing operations, net of income taxes, in the $45M-$60M range, assuming no major market changes, the company said. Dole Food also announced that the previously announced sale of its worldwide packaged foods and Asia fresh produce businesses to ITOCHU Corporation for $1.685B in cash, will be completed on April 1. As part of the extension agreement, David DeLorenzo, current President and CEO of Dole, will immediately assume a full-time position leading the management team of the businesses being acquired by ITOCHU through the closing date, after which he will join ITOCHU as the senior management of these businesses. As part of the previously announced leadership changes in connection with the sale transaction, David Murdock has returned to the role of Chairman and CEO, and C. Michael Carter has assumed the added role of President and Chief Operating Officer.
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