Dole announced that certain of its subsidiaries have entered into a definitive agreement to sell Dole‘s Fresh Vegetables Division to an affiliate of Fresh Express, a wholly owned subsidiary of Chiquita Holdings, for gross proceeds of approximately $293M in cash, subject to certain adjustments. The Fresh Vegetables Division comprises operations related to the processing and sale of whole produce such as iceberg, romaine, leaf lettuces, cauliflower, broccoli, celery, asparagus, artichokes, green onions, sprouts, radishes, and cabbage, as well as salads and meal kits. In the financial year ended December 31, 2021, the Fresh Vegetables Division reported revenue of $1.28B. The business has agricultural operations and four processing plants across the United States and employs more than 3,000 people. The transaction is subject to regulatory approval and the parties expect that the transaction will close after approval is obtained, subject to customary closing conditions. Net proceeds from the sale are currently expected to be used primarily for debt reduction of Dole.
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