David H. Murdock, owner of Dole Food Company, is set to sell 45% equity stake in Dole Food Company to Ireland based Total Produce, plc. The transaction has received approval from European Commission.
According to David Murdock:
“I am excited for the future of Dole in our relationship with Total Produce. They have a long and successful history in the produce industry, and I have complete confidence that as the premier produce brand, Dole will be able to tap that expertise in growing our position worldwide. Both Dole and Total Produce have a standard of perfection that leads the industry in innovation, together we will further our joint mission of providing the highest quality produce to the world.”
Strong industry leadership, knowledge and produce expertise are the strong traits of Total produce and it also differs from its peers by its local and global infrastructure and special distribution capacity. Total Produce also has a strong ground presence in key regions around the world while Dole is aiming to increase its long term growth prospects and enhance its ability to serve customers worldwide.
After the transaction, the Board of Directors of Dole will comprise six members, three are to be appointed by Mr. David H. Murdock namely: Ms. Janine Peck, Ms. Roberta Wieman and Mr. David H. Murdock while the rest will be appointed by Total Produce namely: Mr.Carl McCann, Mr. Rory Byrne and Mr. Jimmy Tolan. The Chairman will be Mr. David H. Murdock while Vice Chairman will be Mr. Carl McCann while Mr. Johan Lindén will remain Dole’s President and CEO . Major decisions will require the consent of at least one of the Board member appointed by each of Total Produce and My. David H. Murdock.
Mr. Carl McCann, Chairman of Total Produce further said:
“We are delighted to conclude this very substantial transaction with David Murdock who has been an inspirational and visionary leader since he acquired a majority shareholding in Dole in 1985. Dole is one of the world’s foremost fresh produce companies and we look forward with great enthusiasm to working very closely together with David and his excellent management team to continue to develop the business in the future.”
About Dole Food Company, Inc.
Founded in 1851, Dole Food Company is one of the world’s largest producers and marketers of high-quality fresh fruit and fresh vegetables and it engages in growing, sourcing, processing, marketing, and distributing fresh fruits and vegetables to wholesale, retail, and institutional customers; and other food product companies worldwide. Headquartered in United States, Dole Food Company operates in two segments, Fresh Fruit and Fresh Vegetables and it employs 30500 employees.
About Total Produce, PLC
Headquartered in Ireland, Total Produce is one of the world’s largest and most accomplished fresh produce providers and it operates in 25 countries and it boasts global infrastructure of 146 facilities extends across Europe, North and South America and India and includes growing, sourcing, importing, packaging, marketing and distributing over 300 lines of fresh produce. Total Produce employs 5574 employees worldwide.