Dole sells off Nordic arm to meet EU conditions
Dole Foods has entered into an agreement to sell its Nordic business Saba Fresh Cuts AB and Saba Fresh Cuts OY to BAMA International.
The sale of Saba was a condition of the European Commission's approval of the acquisition by Total Produce of a 45pc equity stake in Dole in July 2018.
Saba is the producer of washed and ready-to-eat salads.
The transaction is expected to close in the first quarter of 2019 and is subject to approval by the European Commission. Total agreed to the acquisition of 45pc of Dole for $300m (€262m) earlier this year.
Dole reported earnings before interest, taxation, depreciation and amortisation (ebitda) of $45.4m (€40m) for the three months to October 6. This is a decline on the $50.1m (€44m) ebitda reported for the same period in 2017.
Meanwhile Total, a spin-out from Fyffes, last month lowered its full year guidance for 2018 and 2019 on the back of adverse weather.
The group is targeting 2018 full-year adjusted earnings per share (EPS) on a like-for-like basis in line with 2017, excluding the contribution of Dole Foods.